10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 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)

Ireland	98-1391970
(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 class	Trading symbol	Name of each exchange on which registered
Ordinary Shares, nominal value $0.01 per share	NVT	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes þ    No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨    No þ

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 þ    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 during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes þ    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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐    No þ

Aggregate market value of voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of $18.73 per share as reported on the New York Stock Exchange on June 30, 2020 (the last business day of Registrant's most recently completed second quarter): $3,149,938,990.

The number of shares outstanding of Registrant's only class of common stock on December 31, 2020 was 168,182,047.

DOCUMENTS INCORPORATED BY REFERENCE

Parts of the Registrant's definitive proxy statement for its annual general meeting to be held on May 14, 2021, are incorporated by reference in this Form 10-K in response to Part III, ITEM 10, 11, 12, 13 and 14.

nVent Electric plc

Annual Report on Form 10-K

For the Year Ended December 31, 2020

		Page
PART I
ITEM 1.	Business	1
ITEM 1A.	Risk Factors	6
ITEM 1B.	Unresolved Staff Comments	18
ITEM 2.	Properties	19
ITEM 3.	Legal Proceedings	20
ITEM 4.	Mine Safety Disclosures	20
PART II
ITEM 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	23
ITEM 6.	Selected Financial Data	25
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
ITEM 7A.	Quantitative and Qualitative Disclosures about Market Risk	42
ITEM 8.	Financial Statements and Supplementary Data	43
ITEM 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	81
ITEM 9A.	Controls and Procedures	81
ITEM 9B.	Other Information	81
PART III
ITEM 10.	Directors, Executive Officers and Corporate Governance	82
ITEM 11.	Executive Compensation	82
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	82
ITEM 13.	Certain Relationships and Related Transactions and Director Independence	83
ITEM 14.	Principal Accounting Fees and Services	83
PART IV
ITEM 15.	Exhibits and Financial Statement Schedules	84
ITEM 16.	Form 10-K Summary	86
	Signatures	87

PART I

ITEM 1.    BUSINESS

COMPANY OVERVIEW

nVent Electric plc 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 some of the world’s most sensitive equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical fastening solutions and thermal management solutions across industry-leading brands that are recognized globally for quality, reliability and innovation.

Our broad range of products and solutions connect and protect our customers’ mission-critical equipment from hazardous conditions, improving their utilization, lowering costs and minimizing downtime. The cost of our products typically represents a small proportion of the total cost of our customers’ end systems. We also are a small cost relative to the potential cost of failure that our products help avoid. We have a portfolio of premier, industry-leading brands, including nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER, some of which have a history spanning over 100 years, that cover a wide range of verticals, including Industrial, Commercial & Residential, Energy and Infrastructure.

Unless the context otherwise indicates, references herein to "nVent," the "Company," and such words as "we," "us," and "our" include nVent Electric plc and its consolidated subsidiaries. Our principal office is in London, United Kingdom and our management office in the United States ("U.S.") is in Minneapolis, Minnesota. 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 our tax residency in the U.K.

HISTORY AND DEVELOPMENT

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 now an independent publicly-traded company and began "regular way" trading under the symbol "NVT" on the New York Stock Exchange on May 1, 2018.

Our roots within Pentair trace back to the acquisition of Federal-Hoffman Corporation in 1988, which included the nVent HOFFMAN enclosures brand. From that starting point, we have grown both organically and via acquisition. Our Enclosures business first applied lean principles within the organization in the 1990s, leveraging its culture of customer service and operational excellence. In 2012, Pentair merged with Tyco International Ltd.’s Flow Control division, which included our Thermal Management business and the nVent RAYCHEM brand, a global leader in heat tracing solutions. In 2015, Pentair acquired ERICO Global Company, a leading global manufacturer of superior engineered electrical and fastening products, which operates as our Electrical & Fastening Solutions business, broadening our product offering and enabling us to provide additional global solutions to our combined customers.

We aim to continue our journey as a “One nVent” organization, with unified focus on commercial excellence, digital transformation, scaled and integrated technology, including Internet of Things (“IoT”), and global presence and capabilities. As we scale our capabilities under our umbrella brand of nVent, we expect to expand our products and solutions and to continue to differentiate our company by creating solutions that solve problems for our customers.

Our Spark management system defines how we operate. The five elements of Spark are People, Growth, Lean, Digital and Velocity. Together, they provide the mindset and operating system to propel the success of our company. Spark supports the high performance culture we are building at nVent.

•People are at the core of Spark, positively impacting our business and growing their careers.

•Growth is the foundation of Spark, driving shareholder, customer and employee value.

•Lean is the relentless pursuit of eliminating waste and increasing velocity.

•Digital transforms our products and how we do business, improving both customer and employee experiences.

•Velocity is increasing speed in all we do for each other and our customers.

1

BUSINESS AND PRODUCTS

We operate across three segments: Enclosures, Electrical & Fastening Solutions and Thermal Management. The following is a brief description of each of the Company's reportable segments and business activities.

Enclosures

Our Enclosures business provides innovative solutions to connect and protect critical electronics, communication, control and power equipment. We are a leader in the enclosures sector, and our key brands, nVent HOFFMAN and SCHROFF, have a long history of solving customers’ problems by providing high quality solutions.

nVent HOFFMAN provides trusted enclosure solutions for challenging operating environments and is one of the largest brands of enclosures in North America and a leader globally. The offerings connect and protect through reliable solutions that protect, power and cool equipment used by panel builders, original equipment manufacturers and directly by other end-users, including customized products for hazardous environments. The nVent HOFFMAN brand is over 75 years old and is recognized for delivering superior design, testing, certification and overall product quality. nVent HOFFMAN’s product customization and global footprint, along with reputation, have helped it garner long-standing relationships with many of the world’s largest industrial companies.

nVent SCHROFF provides highly-customized and technologically-advanced enclosures. These products connect and protect mission-critical electronics and communications equipment by providing a wide range of innovative standard products and customized solutions. nVent SCHROFF’s innovation is demonstrated by its constant flow of new product designs, including a focus on smart products capable of providing connectivity and remote management. The nVent SCHROFF brand is a leader due to its product flexibility and customer-first focus.

Electrical & Fastening Solutions

Our Electrical & Fastening Solutions business provides fastening solutions that connect and protect electrical and mechanical systems and civil structures.

We are a global leader in fastening solutions with spring steel and specialty metal fixings and reinforced steel connections, and our products are primarily marketed under the nVent CADDY brand. Our products reduce total installed cost by ease of installation, provide design flexibility and increase structural integrity in electrical and mechanical fastening applications through inventive products and solutions and customer intimacy. These products are targeted towards commercial and industrial verticals with applications in fire & seismic, data & telecommunications, electrical fastening and heating, ventilation and air conditioning. These products are primarily used by electricians, telecommunications installers and roof top contractors.

We are also a global leader in bonding, grounding, lightning protection and low voltage power distribution products and solutions. These products are primarily marketed under the nVent ERICO brand. We offer a comprehensive range of facility electrical connection and protection solutions to protect against electrical transients to improve safety and reliability of electrical systems. Our products reduce total cost of ownership and provide design flexibility by offering maintenance free and reliable products and global end-user application expertise and intimacy. These products are targeted towards commercial, infrastructure and industrial verticals with applications in telecommunication, power distribution and facility electrical protection. These products and solutions are primarily used by electricians, panel builders, energy contractors and lightning protection installers.

Thermal Management

Our Thermal Management business provides electric thermal solutions that connect and protect critical buildings, infrastructure, industrial processes and people. Its highly reliable and easy-to-install solutions lower total cost of ownership to building owners, facility managers, operators and end users. Thermal Management’s products have been installed in some of the world’s most iconic buildings.

For industrial and energy, we provide industrial heat-tracing and wiring, control and monitoring, sensing, engineering and construction services under industry leading nVent RAYCHEM and TRACER brands, primarily serving chemical and other industries. Products and solutions include heat tracing for freeze protection and process temperature maintenance, temperature control and monitoring systems, heat-traced tubing bundles, instrument winterization and tank heating systems. For commercial, residential and infrastructure, we provide products and services primarily under our nVent RAYCHEM brand. Applications include pipe freeze protection, roof and gutter de-icing, surface snow melting, hot water temperature maintenance, floor heating, fire rated wiring and leak detection for healthcare, recreation, hospitality, commercial offices and education facilities.

2

Impacts of the Covid-19 Pandemic

The outbreak of the novel coronavirus 2019 ("COVID-19") in 2020 resulted in a global slowdown of economic activity including worldwide travel restrictions, prohibitions of non-essential work activities, disruption and shutdown of businesses and greater uncertainty in global financial markets, all of which resulted in COVID-19 having an impact on our financial performance in fiscal 2020. As this pandemic endures and continues to have an impact on global economic activity, the extent to which COVID-19 adversely impacts our future business operations, financial performance and results of operations is uncertain and will depend on many factors outside our control. For a further discussion of the risks, uncertainties and actions taken in response to COVID-19, refer to ITEM 1A "Risk Factors" and ITEM 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations", included in this Form 10-K.

Competition

The markets for our products and services are geographically diverse and highly competitive. We compete against large and well-established national and global companies, as well as regional and local companies and lower-cost manufacturers. Some of our competitors, in particular smaller companies, attempt to compete based primarily on price, localized expertise and local relationships, especially with respect to products and applications that do not require a great deal of engineering or technical expertise. In addition, during economic downturns average selling prices tend to decrease as market participants compete more aggressively on price. Competition focuses on product performance, price, quality and service.

Our success depends on a variety of factors, including technical expertise, reputation for quality and reliability, timeliness of delivery, previous installation history, contractual terms and price. As many of our products sell through electrical distributors, data center contractors, original equipment manufacturers and maintenance contractors, our success also depends on building and partnering with a strong channel and distribution network.

Seasonality

We generally experience increased demand for Electrical & Fastening Solutions products during the spring and summer months in the Northern Hemisphere and increased demand for Thermal Management products and services during the fall and winter months in the Northern Hemisphere.

Backlog of Orders by Segment

	December 31
In millions	2020		2019		$ change		% change
Enclosures	$	117.0	$	114.3	$	2.7	2.4	%
Electrical & Fastening Solutions	34.1		28.8		5.3		18.4
Thermal Management	155.9		156.7		(0.8)		(0.5)
Total	$	307.0	$	299.8	$	7.2	2.4	%

A substantial portion of our revenues result from orders received and products delivered in the same month. Our backlog typically has a short manufacturing cycle and products generally ship within 90 days of the date on which a customer places an order. However, a portion of our backlog, particularly from orders for major capital projects, can take more than one year depending on the size and type of order. We record as part of our backlog all orders from external customers, which represent firm commitments, and are supported by a purchase order or other legitimate contract. We expect the majority of our backlog at December 31, 2020 will be shipped in 2021.

Raw materials

The principal materials we use in manufacturing our products are mild steel, stainless steel, electronic components, plastics (resins, fiberglass, epoxies), copper and paint (powder and liquid). In addition to the purchase of raw materials, we purchase some finished goods for distribution through our sales channels.

We purchase the materials we use in various manufacturing processes on the open market and the majority is available through multiple sources which are in adequate supply. We have not experienced any significant work stoppages to date due to shortages of materials. We have certain long-term commitments, principally price commitments, for the purchase of various component parts and raw materials and believe that it is unlikely that any of these agreements would be terminated prematurely. Alternate sources of supply at competitive prices are available for most materials for which long-term commitments exist and we believe that the termination of any of these commitments would not have a material adverse effect on our financial position, results of operations or cash flows.

3

Certain commodities, such as metals and resin, are subject to market and duty-driven price fluctuations. We manage these fluctuations through several mechanisms, including long-term agreements with price adjustment clauses for significant commodity market movements in certain circumstances. Prices for raw materials, such as metals and resins, may trend higher in the future.

Intellectual property

Patents, non-compete agreements, proprietary technologies, customer relationships, trademarks, trade names and brand names are important to our business. However, we do not regard our business as being materially dependent upon any single patent, non-compete agreement, proprietary technology, customer relationship, trademark, trade name or brand name.

Patents, patent applications and license agreements will expire or terminate over time by operation of law, in accordance with their terms or otherwise. We do not expect the termination of patents, patent applications or license agreements to have a material adverse effect on our financial position, results of operations or cash flows.

Captive insurance subsidiary

We insure certain general and product liability, property, workers' compensation and automobile liability risks through our regulated wholly-owned captive insurance subsidiary, Tonka Bay Insurance Company ("Tonka Bay"). Reserves for policy claims are established based on actuarial projections of ultimate losses. Accruals are established with respect to liabilities insured by third parties, such as liabilities arising from acquired businesses, pre-Tonka Bay liabilities and those of certain non-U.S. operations.

Matters pertaining to Tonka Bay are discussed in ITEM 3, included in this Form 10-K.

HUMAN CAPITAL MATTERS

As of December 31, 2020, we employed approximately 8,800 people worldwide.

Response to COVID-19 Pandemic

In response to the evolving impacts of the COVID-19 pandemic, we took proactive steps to help protect the safety and well-being of our employees, as well as maintain the continuity of our business. We quickly created a cross-functional, global Enterprise COVID-19 Response Task Force to track and address COVID cases and impacts in the locations around the world where our employees live and work. Many of our office workers began to, and continue to, work remotely. Within our manufacturing and office areas in each region where we operate, taking into account government guidance and local recommendations, we implemented safety protocols such as face masks, social distancing, enhanced cleaning and temperature checks. In addition, we have implemented new communication channels and increased the level of communication from our leaders to better inform and support our employees.

Inclusion and Diversity

We aspire to be an equitable, inclusive and diverse company. We believe that the unique contributions of individuals with varying backgrounds and experiences will benefit our businesses. Guided by our Win Right values, we are committed to creating a workplace culture where everyone is included and respected. Our Code of Conduct spells out our commitment to equal opportunity and fair treatment for all. We do not tolerate acts of harassment, including any conduct or statements made on the basis of protected status that are intimidating, hostile or abusive.

Our leaders actively support and encourage employee development and engagement, including through our CEO Inclusion Council and an active Inclusion & Diversity Advisory Council. These councils promote inclusion across all dimensions of diversity.

We also support our Employee Resource Groups (“ERGs”), which were created organically by our employees and which provide a support system to foster awareness, promote inclusion and respect and provide a sounding board on strategic initiatives for nVent. Open to all employees, the ERGs are designed to create connections and opportunities for development, training and community involvement. In 2020, we had approximately 400 members globally in the following ERGs:

•Grass Roots – raises awareness and encourages the adoption of sustainable practices among nVent employees, and identifies opportunities for the company to improve its sustainability efforts.

•Global Women’s Network – offers education, networking, development and business opportunities for women at all levels.

4

•Connecting Cultures – provides a safe, educational, open space for individuals to broaden their understanding and appreciation of multiculturalism, inclusion and diversity.

•Allies – focuses on ensuring a safe space for our LGBTQ+ employees by providing education and awareness such as the use of pronouns and LBGTQ+ 101 training.

In 2020, we expanded our training offerings and mentoring programs, and focused on communications. An Inclusion Index was embedded into our Engagement Survey. Our employees from around the globe engaged in panel discussions on the topics of race and bias. We also built the platform for the beginnings of a Supplier Diversity program in early 2021. Our Chief Executive Officer has signed the CEO Action Pledge for Diversity and Inclusion as we joined the Minnesota Business Partnership on Diversity and Inclusion.

Our culture and values focus on our people. We intentionally built inclusion and diversity into our culture from nVent’s start. During 2020, we provided opportunities for our employees to openly discuss their perspectives about social injustice, and inclusion and diversity with over 50 listening circles, and panel discussions. We are also committed to ongoing efforts to combat racism.

Gender Diversity In The Workplace (as of December 31, 2020):

•44% of our executive leadership team are female; 56% are male

•24% of our global management team are female; 76% are male

•23% of all other employees are female; 77% are male

Compensation and Benefits

We strive to offer our employees across the world comprehensive benefit programs that reflect the market practices in their country of employment. We participate in and review remuneration surveys from leading, independent consultants for all of our countries so that we have the information to set competitive wages and salaries.

We are dedicated to providing equitable compensation as a commitment to our people. By focusing on equitable pay, we enhance our ability to grow, retain and motivate diverse employees on our team. We believe diverse teams drive innovation, connection and growth for our employees.

As part of this commitment to our people, we conduct pay parity reviews of our compensation systems. The goal of these reviews is to ensure internal pay alignment and equitable treatment for employees, as well as providing competitive and performance-based pay.

Employee Engagement and Development

We believe it is important to hear from our employees to learn about what we are doing well, and where we can become stronger. In 2020, we completed our second global Employee Engagement Survey with targeted questions about inclusion and our strengths as an employer. All employees were invited to participate in the survey and provide confidential feedback. We had an 85% participation rate, and achieved an eight-point favorability increase in employee satisfaction compared to our 2018 survey. All of our people managers were required to share survey results with their teams, and develop action plans to address specific areas of improvement.

We are also committed to supporting the development of our employees. In 2020, we launched a variety of tools and training to enable our employees to develop a better understanding of their strengths and development opportunities. Our professional employees were asked to create individual development plans identifying key competencies to continue to grow or develop. With the goal of aligning development with retention, we also encourage our employees to regularly engage with their managers to discuss their performance, development and career aspirations.

Code of Conduct Training

Our Code of Conduct training is completed by approximately 3,600 professional employees each year. The courses are offered in 12 different languages to employees in 34 countries. Topics in 2020 included nVent’s Code of Business Conduct & Ethics, Unconscious Bias, Harassment and Preventing Fraud. In 2020, we completed the training with 100% completion rate among professional employees. Additionally we launched role-based training in the areas of Trade Compliance and Antitrust.

5

In 2020, a live Code of Conduct training program for our offline, shop floor employees was introduced to sites in the United States, China and the Netherlands.

We provide multiple ways for employees to ask for help and report misconduct and illegal or unethical behavior, including doing so anonymously. A Helpline is available on our website (www.nventethics.com) and is available 24/7 and accessible in over 200 languages. We are committed to investigating and responding to reported concerns. nVent prohibits retaliation against anyone who raises concerns or makes good-faith reports regarding possible breaches of law or policy or ethical violations.

Workplace Health and Safety

The safety and well-being of our employees is our top priority. We are committed to preventing workplace injuries and maintaining a positive, healthy work environment. We encourage our employees to put safety first, speak up when they observe unsafe conditions or behaviors and follow all safety practices. We expect our employees to maintain a workplace free from illegal or controlled substances, weapons or potentially dangerous devices, and we strive for all nVent locations to meet or exceed all applicable Environmental, Health, and Safety ("EHS") requirements. We utilize a common safety standard identified within our EHS Lean Assessment highlighting expectations surrounding management commitment, employee engagement, metrics, regulatory compliance and hazard control.

We monitor and track health and safety data, including employee injuries, environmental releases and regulatory inspections. Additionally, we assess the EHS maturity of our locations by measuring progress against nVent's EHS Lean Assessment and Standards and region specific regulatory compliance evaluations, as well as nVent's employee driven risk notification program. Results are reviewed monthly to reduce recordable injury rates and to drive improvement within our EHS programs. Globally, we have adopted guidelines from the Occupational Safety and Health Administration (“OSHA”) in the United States to determine recordable injuries.

We believe we have achieved a strong safety track record through employee engagement and proactive risk management.

AVAILABLE INFORMATION

We make available free of charge (other than an investor's own Internet access charges) through our Internet website (http://www.nvent.com) our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and if applicable, amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission ("SEC"). Reports of beneficial ownership filed by our directors and executive officers pursuant to Section 16(a) of the Exchange Act are also available on our website. We are not including the information contained on our website as part of, or incorporating it by reference into, this Annual Report on Form 10-K.

ITEM 1A.    RISK FACTORS

You should carefully consider all of the information in this document and the following risk factors before making an investment decision regarding our securities. Any of the following risks could materially and adversely affect our business, financial condition, results of operations, cash flows and the actual outcome of matters as to which forward-looking statement are made in this document.

Risks Relating to the COVID-19 Pandemic

Our business, financial condition, results of operations and cash flows may be materially adversely affected by global public health epidemics, including the current global COVID-19 pandemic.

Our business, financial condition, results of operations and cash flows may be adversely affected if a global public health pandemic, including the current global COVID-19 pandemic, interferes with the ability of our employees, vendors and customers to perform our and their respective responsibilities and obligations relative to the conduct of our business. The COVID-19 pandemic has significantly impacted economic activity and markets around the world, and it has had, and could continue to have, a material negative impact on our business in numerous ways, including but not limited to those outlined below:

•The risk that we or our employees, vendors or customers may be prevented from conducting business activities for an indefinite period of time, including shutdowns that may be requested or mandated by governmental authorities or that we determine are appropriate to sanitize our facilities.

•Restrictions on travel to or from locations where we provide services, or restrictions on shipping products from certain jurisdictions where they are produced or into certain jurisdictions where customers are located.

6

•Inability to meet our customers’ needs and achieve costs targets due to disruptions in our manufacturing and supply arrangements caused by the loss or disruption of essential manufacturing and supply elements such as raw materials or other finished product components, transportation, workforce or other manufacturing and distribution capability.

•Failure of third parties on which we rely, including our suppliers, distributors, contractors and commercial banks, to meet their obligations to us, or significant disruptions in their ability to do so, which may be caused by their own financial or operational difficulties and may adversely impact our operations.

•Significant reductions in demand or significant volatility in demand for one or more of our products and a global economic recession that could further reduce demand and/or pricing for our products, resulting from actions taken by governments, businesses and/or the general public in an effort to limit exposure to and spreading of such infectious diseases, such as travel restrictions, quarantines and business shutdowns or slowdowns. Deteriorating economic and political conditions caused by the COVID-19 pandemic, such as increased unemployment, decreases in capital spending, business shutdowns or economic recessions, could cause a further decrease in demand for our products.

•Delays or modifications to our strategic plans, initiatives and goals due to disruptions or uncertainties related to the COVID-19 pandemic for a sustained period of time.

•An impairment in the carrying value of goodwill or intangible assets or a change in the useful life of definite-lived intangible assets could occur if there are sustained changes in consumer purchasing behaviors, government restrictions, financial results, or a deterioration of macroeconomic conditions. As a result of the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry, during the third quarter of 2020, we recognized pre-tax, non-cash goodwill impairment expense of $212.3 million related to the Thermal Management reporting unit. During the third quarter of 2020, we also recognized pre-tax, non-cash impairment expense of $8.2 million related to trade names.

•Actions we have taken or may take, or decisions we have made or may make as a consequence of the COVID-19 pandemic may result in legal claims or litigation against us.

The global spread of the COVID-19 pandemic has created significant volatility, uncertainty and economic disruption, which is likely to continue and could cause a global recession. While we have taken certain actions in response to the COVID-19 pandemic to lower costs, preserve our liquidity and manage cash flow, the extent to which the COVID-19 pandemic will continue to impact our business, financial condition, results of operations and cash flows is uncertain and will depend on numerous evolving factors that we may not be able to accurately predict, including:

•the duration and scope of the pandemic;

•governmental, business and individual actions taken in response to the pandemic and the impact of those actions on global economic activity;

•the actions taken in response to economic disruption;

•the impact of business disruptions on our customers and the resulting impact on their demand for our products and services; and

•our customers' ability to pay for our products and services.

Any of these factors could cause or contribute to the risks and uncertainties identified below and could materially adversely affect our business, financial condition, results of operations and cash flows.

Risks Relating to Our Business

General global economic and business conditions affect demand for our products.

We compete in various geographic regions and product markets around the world. Among these, the most significant are global industrial markets and commercial markets. We expect to experience fluctuations in revenues and results of operations due to economic and business cycles. Important factors for our business and the businesses of our customers include the overall strength of the economy and our customers’ confidence in the economy, industrial and governmental capital spending, the strength of the commercial real estate market, unemployment rates, availability of commercial financing, interest rates and energy and commodity prices. The businesses of many of our industrial customers are to varying degrees cyclical and have

7

experienced periodic downturns. While we attempt to minimize our exposure to economic or market fluctuations by serving a balanced mix of end markets and geographic regions, any of the above factors, individually or in the aggregate, or a significant or sustained downturn in a specific end market or geographic region could reduce demand for our products and services, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

We compete in attractive markets with a high level of competition, which may result in pressure on our profit margins and limit our ability to maintain or increase the market share of our products.

The markets for our products and services are geographically diverse and highly competitive. We compete against large and well-established national and global companies, as well as regional and local companies and lower-cost manufacturers. We compete based on technical expertise, reputation for quality and reliability, timeliness of delivery, previous installation history, contractual terms and price. Some of our competitors, in particular smaller companies, attempt to compete based primarily on price, localized expertise and local relationships, especially with respect to products and applications that do not require a great deal of engineering or technical expertise. In addition, during economic downturns average selling prices tend to decrease as market participants compete more aggressively on price. If we are unable to continue to differentiate our products, services and solutions, or if we are forced to cut prices or to incur additional costs to remain competitive, it could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Our future growth is dependent upon our ability to adapt our products, services and organization to meet the demands of local markets in both developed and emerging economies and by developing or acquiring new technologies that achieve market acceptance with acceptable margins.

We operate in global markets that are characterized by customer demand that is often global in scope but localized in delivery. We compete with thousands of smaller regional and local companies that may be positioned to offer products produced at lower cost than ours, or to capitalize on highly localized relationships and knowledge that are difficult for us to replicate. Also, in several emerging markets potential customers prefer local suppliers, in some cases because of existing relationships and in other cases because of local legal restrictions or incentives that favor local businesses. Accordingly, our future success depends upon a number of factors, including our ability to adapt our products, services, organization, workforce and sales strategies to fit localities throughout the world, particularly in high-growth emerging markets; identify emerging technological and other trends in our target end markets; and develop or acquire competitive products and services and bring them to market quickly and cost-effectively. The failure to effectively adapt our products or services could have a material adverse effect on our business, financial condition, results of operations and cash flows.

A sustained downturn in the energy industry, due to oil and gas prices decreasing or otherwise, could decrease demand for some of our products and services.

A portion of our revenue historically has been generated by end-users in the oil and gas markets where we serve all three major categories of customers in the petroleum industry—upstream exploration/production, midstream transportation and downstream refining. We primarily serve the customer categories of midstream transportation and downstream refining. The businesses of most of our customers in the energy industry are, to varying degrees, cyclical and historically have experienced periodic downturns. Profitability in the energy industry is highly sensitive to supply and demand cycles and commodity prices, which historically have been volatile, and our customers in this industry have tended to delay large capital projects, including expensive maintenance and upgrades, during industry downturns. Customer project delays and cancellations may limit our ability to realize value from our backlog as expected and cause fluctuations in the timing or the amount of revenue earned and the profitability of our business in a particular period. In addition, such delays and cancellations may lead to significant fluctuations in results of operations from quarter to quarter, making it difficult to predict our financial performance on a quarterly basis.

Demand for a portion of our products and services depends upon the level of capital expenditure by companies in the energy industry, which depends, in part, on energy prices. Prices of oil and gas are volatile and within recent years, the price of crude oil has declined significantly. We have experienced suspensions or delays in large capital projects within the energy sector, especially in the upstream exploration and production sector, and most notably in Canada. A sustained downturn in the capital expenditures of our customers, whether due to a decrease in the market price of oil and gas or otherwise, may delay projects, decrease demand for our products and services and cause downward pressure on the prices we charge, which, in turn, could have a material adverse effect on our business, financial condition, results of operations and cash flows.

8

We may not be able to identify, finance and complete suitable acquisitions and investments, and any completed acquisitions and investments could be unsuccessful or consume significant resources.

Our business strategy includes acquiring businesses and making investments that complement our existing business. We expect to analyze and evaluate the acquisition of strategic businesses or product lines with the potential to strengthen our industry position or enhance our existing set of product and service offerings. We may not be able to identify suitable acquisition candidates, obtain financing or have sufficient cash necessary for acquisitions or successfully complete acquisitions in the future. Acquisitions and investments may involve significant cash expenditures, debt incurrences, equity issuances, operating losses and expenses. Acquisitions involve numerous other risks, including:

•diversion of management time and attention from daily operations;

•difficulties integrating acquired businesses, technologies and personnel into our business;

•difficulties in obtaining and verifying the financial statements and other business information of acquired businesses;

•inability to obtain required regulatory approvals;

•potential loss of key employees, key contractual relationships or key customers of acquired companies or of ours;

•assumption of the liabilities and exposure to unforeseen liabilities of acquired companies, including risks relating to the U.S. Foreign Corrupt Practices Act (the “FCPA”); and

•dilution of interests of holders of nVent ordinary shares through the issuance of equity securities or equity-linked securities.

It may be difficult for us to complete transactions quickly and to integrate acquired operations efficiently into our business operations. Any acquisitions or investments may not be successful and may ultimately result in impairment charges and have a material adverse effect on our business, financial condition, results of operations and cash flows.

We may not achieve some or all of the expected benefits of our business initiatives.

During 2020, 2019 and 2018, we continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. In order to align our resources with our growth strategies, operate more efficiently and control costs, we may periodically announce in the future restructuring plans, which may include workforce reductions, global plant closures and consolidations, asset impairments and other cost reduction initiatives. As these plans and actions are complex, we may not be able to achieve the operating efficiencies to reduce costs or realize benefits that were anticipated in connection with these initiatives. If we are unable to execute these initiatives as planned, we may not realize all or any of the anticipated benefits, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Our backlog may fluctuate and material amounts of cancellations or reductions of orders or a failure to deliver our backlog on time could affect our future sales.

Our backlog is comprised of the portion of firm signed purchase orders or other written contractual commitments received from customers that we have not recognized as revenue. Backlog may increase or decrease based on the addition of large multi-year projects and their subsequent completion. Backlog may also be favorably or unfavorably affected by foreign currency rate fluctuations. The dollar amount of backlog as of December 31, 2020 was $307.0 million. The timing of our recognition of revenue out of our backlog is subject to a variety of factors that may cause delays, many of which, including fluctuations in our customers’ delivery schedules, are beyond our control. Such delays may lead to significant fluctuations in results of operations from quarter to quarter, making it difficult to predict our financial performance on a quarterly basis. Further, while we have historically experienced few order cancellations and the amount of order cancellations has not been material compared to our total contract volume, if we were to experience a significant amount of cancellations of or reductions in purchase orders, it would reduce our backlog and, consequently, our future sales and could have a material adverse effect on our business, financial condition, results of operations and cash flows.

9

Our future revenue depends in part on our ability to bid and win new contracts.

Our future revenue and overall results of operations require us to successfully bid on new contracts and, in particular, contracts for large greenfield projects, which are frequently subject to competitive bidding processes. Our revenue from major projects depends in part on the level of capital expenditures in some of our principal end markets, including the energy, chemical processing and power generation industries. The number of such projects we win in any year fluctuates, and is dependent upon the number of projects available and our ability to bid successfully for such projects. Contract proposals and negotiations are complex and frequently involve a lengthy bidding and selection process, which is affected by a number of factors, such as competitive position, market conditions, financing arrangements and required governmental approvals. If negative market conditions arise, or if we fail to secure adequate financial arrangements or required governmental approvals, we may not be able to pursue particular projects or win new contracts, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

We are exposed to political, regulatory, economic and other risks that arise from operating a multinational business.

Sales outside of the U.S. for the year ended December 31, 2020 accounted for approximately 41% of our net sales. Further, our business obtains some products, components and raw materials from non-U.S. suppliers. Accordingly, our business is subject to the political, regulatory, economic and other risks that are inherent in operating in numerous countries. These risks include:

•the imposition of tariffs, exchange controls or other trade restrictions;

•changes in general economic and political conditions in countries where we operate, particularly in emerging markets;

•relatively more severe economic conditions in some international markets than in the U.S.;

•the difficulty of enforcing agreements and collecting receivables through non-U.S. legal systems;

•the difficulty of communicating and monitoring standards and directives across our global facilities;

•trade protection measures and import or export licensing requirements and restrictions;

•the possibility of terrorist action affecting us or our operations;

•the threat of nationalization and expropriation;

•difficulty in staffing and managing widespread operations in non-U.S. labor markets;

•changes in tax treaties, laws or rulings that could have a material adverse impact on our effective tax rate;

•limitations on repatriation of earnings;

•the difficulty of protecting intellectual property in non-U.S. countries; and

•changes in and required compliance with a variety of non-U.S. laws and regulations.

Our success depends in part on our ability to anticipate and effectively manage these and other risks. We cannot assure you that these and other factors will not have a material adverse effect on our international operations or on our business as a whole.

A disruption in the availability, price or quality of products or materials that we manufacture and source from various countries throughout the world could have a material adverse effect on our results of operations.

Our business is subject to risks associated with global manufacturing and sourcing. We use a variety of raw materials in the production of our products including steel, aluminum, copper, nickel, paints and plastics. We also purchase certain electrical and electronic components and packaging materials from a number of suppliers. Significant shortages in the availability of these materials or price increases could increase our operating costs and adversely impact the competitive positions of our products. We rely on materials, components and finished goods that are sourced from or manufactured outside the U.S., including Mexico, China and other countries, and these countries may experience political or trade instability, which could disrupt our supply of products or materials. We rely on our suppliers to produce high quality materials, components and finished goods according to our specifications. Although we have quality control procedures in place, there is a risk that products may not meet our specifications which could impact our ability to ship quality products to our customers on a timely basis.

10

Our Thermal Management segment’s dependence on subcontractors and third party suppliers and manufacturers with respect to projects could have a material adverse effect on us.

Our Thermal Management segment often relies on third party subcontractors as well as third party suppliers and manufacturers to complete projects. To the extent that we cannot engage subcontractors or acquire supplies or materials from third parties for these projects, our ability to complete a project in a timely fashion or at a profit may be impaired. If the amount we are required to pay for these goods and services exceeds the amount we have estimated in bidding for fixed-price contracts, we could experience losses on these contracts. In addition, if a subcontractor, supplier or manufacturer is unable to deliver its services or materials according to the negotiated contract terms for any reason, including the deterioration of its financial condition or over-commitment of its resources, we may be required to purchase the services or materials from another source at a higher price. This may reduce the profit to be realized or result in a loss on a project for which the services or materials were needed.

Intellectual property challenges may hinder our ability to develop, engineer and market our products.

Patents, non-compete agreements, proprietary technologies, customer relationships, trademarks, trade names and brand names are important to our business. Intellectual property protection, however, may not preclude competitors from developing products similar to ours or from challenging our names or products. Our pending patent applications, and our pending copyright and trademark registration applications, may not be allowed or competitors may challenge the validity or scope of our patents, copyrights or trademarks. In addition, our patents, copyrights, trademarks and other intellectual property rights may not provide us a significant competitive advantage. Over the past few years, we have noticed an increasing tendency for participants in our markets to use challenges to intellectual property as a means to compete. Patent and trademark challenges increase our costs to develop, engineer and market our products. We may need to spend significant resources monitoring our intellectual property rights and we may or may not be able to detect infringement by third parties. If we fail to successfully enforce our intellectual property rights or register new patents, our competitive position could suffer, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

We have significant goodwill and intangible assets and future impairment of our goodwill and intangible assets could have a material adverse effect on our results of operations.

We test goodwill and other indefinite-lived intangible assets for impairment on at least an annual basis, and more frequently if circumstances warrant, by comparing the estimated fair value of our reporting unit to its respective carrying values on its balance sheets. As of December 31, 2020, our goodwill and intangible assets were $3.2 billion and represented 73% of our total assets. We recorded a pre-tax, non-cash goodwill impairment expense of $212.3 million related to the Thermal Management reporting unit and $8.2 million related to trade names in 2020. In connection with the impairment test as of September 30, 2020, the percentage of excess fair value over carrying value of our Electrical & Fastening Solutions reporting unit was approximately 5%. Changes in economic and operating conditions impacting the assumptions used in our impairment tests could result in future goodwill and intangible asset impairment expense.

Risks Relating to Legal, Regulatory and Compliance Matters

Changes in U.S. and foreign government administrative policy, including changes to existing trade agreements and U.S government sanctions, could have a material adverse effect on us.

As a result of changes to U.S. and foreign government administrative policy, there may be changes to existing trade agreements, greater restrictions on free trade generally, significant increases in tariffs on goods imported into the U.S. particularly tariffs on products manufactured in China, Canada and Mexico, among other possible changes.

In addition, from time to time, the U.S. government has imposed sanctions restricting U.S. companies from conducting business with specified non-U.S. individuals and companies. In particular, the U.S. government has imposed sanctions through several executive orders and legislation restricting U.S. companies from conducting business with specified Russian and Ukrainian individuals and companies. While we believe that the executive orders currently do not preclude us from conducting business with our current customers or vendors in Russia, the sanctions imposed by the U.S. government may be expanded in the future to restrict us from engaging with them. If we are unable to conduct business with new or existing customers or vendors or pursue business opportunities in Russia or Ukraine, it could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Changes in U.S. social, political, regulatory and economic conditions or in laws and policies governing foreign trade, manufacturing, development and investment in the territories and countries where we currently manufacture and sell products, and any resulting negative sentiments towards the U.S. as a result of such changes, could have a material adverse effect on our business, financial condition, results of operations and cash flows.

11

Violations of the U.S. Foreign Corrupt Practices Act and similar anti-corruption laws outside the U.S. or international trade compliance regulations could have a material adverse effect on us.

The FCPA and similar anti-corruption laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials or other persons for the purpose of obtaining or retaining business. We operate in many parts of the world that are recognized as having governmental and commercial corruption and in certain circumstances, strict compliance with anti-bribery laws may conflict with local customs and practices. Because many of our customers and end users are involved in infrastructure construction and energy production, they are often subject to increased scrutiny by regulators.

Further, our global operations require importing and exporting goods and technology across international borders on a regular basis. Certain of the products we manufacture are “dual use” products, which are products that may have both civil and military applications, or may otherwise be involved in weapons proliferation, and are often subject to more stringent export controls. From time to time, we may obtain or receive information alleging improper activity in connection with imports or exports.

Our policies mandate strict compliance with applicable laws and regulations, including those pertaining to anti-corruption, anti-bribery and trade. However, even when we are in strict compliance with law and our policies, we may suffer reputational damage if certain of our products are sold through various intermediaries to entities operating in sanctioned countries. We cannot assure that our internal control policies and procedures will always protect us from reckless or criminal acts committed by our employees or third-party intermediaries. In the event that we believe or have reason to believe that our employees or agents have or may have violated applicable laws, we may be required to investigate or have outside counsel investigate the relevant facts and circumstances, which can be expensive and require significant time and attention from senior management. Violations of these laws may require self-disclosure to governmental agencies and result in criminal or civil sanctions, which could disrupt our business, cause denial of import or export privileges, and result in a material adverse effect on our reputation, business, financial condition, results of operations and cash flows.

We are exposed to potential environmental laws, liabilities and litigation.

We are subject to U.S. federal, state, local and non-U.S. laws and regulations governing our environmental practices, public and worker health and safety, and the indoor and outdoor environment. Compliance with these environmental, health and safety regulations could require us to satisfy environmental liabilities, increase the cost of manufacturing our products or otherwise have a material adverse effect on our business, financial condition, results of operations and cash flows. Any violations of these laws by us could cause us to incur unanticipated liabilities. We are also required to comply with various environmental laws and maintain permits, some of which are subject to renewal from time to time, for many of our businesses and we could suffer if we are unable to renew existing permits or to obtain any additional permits that we may require. Compliance with environmental requirements also could require significant operating or capital expenditures or result in significant operational restrictions. We cannot assure you that we have been or will be at all times in compliance with environmental and health and safety laws. If we violate these laws, we could be fined, criminally charged or otherwise sanctioned by regulators.

We have been named as defendant, target or a potentially responsible party ("PRP") in a number of environmental cleanups relating to our current or former business units. We may be named as a PRP at other sites in the future for existing business units, as well as both divested and acquired businesses. In addition to clean-up actions brought by governmental authorities, private parties could bring personal injury or other claims due to the presence of, or exposure to, hazardous substances. Certain environmental laws impose liability on current or previous owners or operators of real property for the cost of removal or remediation of hazardous substances at their properties or at properties at which they have disposed of hazardous substances. The cost of clean-up and other environmental liabilities can be difficult to accurately predict. In addition, environmental requirements change and tend to become more stringent over time. Our eventual environmental clean-up costs and liabilities could exceed the amount of our current reserves.

We may incur significant costs in our efforts to successfully avoid, manage, defend and litigate intellectual property matters.

From time to time, we receive notices from third parties alleging intellectual property infringement. Any dispute or litigation involving intellectual property could be costly and time-consuming due to the complexity and the uncertainty of intellectual property litigation. Our intellectual property portfolio may not be useful in asserting a counterclaim, or negotiating a license, in response to a claim of infringement or misappropriation. In addition, as a result of such claims, we may lose our rights to utilize critical technology, may be required to pay substantial damages or license fees with respect to the infringed rights or may be required to redesign our products at a substantial cost, any of which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

12

We are exposed to certain regulatory and financial risks related to climate change.

Climate change is receiving ever increasing attention worldwide. Many scientists, legislators and others attribute global warming to increased levels of greenhouse gases, which has led to significant legislative and regulatory efforts to limit greenhouse gas emissions. The U.S. Environmental Protection Agency ("EPA") has published findings that emissions of carbon dioxide, methane, and other greenhouse gases ("GHGs") present an endangerment to public health and the environment because emissions of such gases are, according to the EPA, contributing to the warming of the earth's atmosphere and other climate changes. Based on these findings, the EPA has implemented regulations that require reporting of GHG emissions, or that limit emissions of GHGs from certain mobile or stationary sources. In addition, the U.S. Congress and federal and state regulatory agencies have considered other legislation and regulatory proposals to reduce emissions of GHGs, and many states have already taken legal measures to reduce emissions of GHGs, primarily through the development of GHG inventories, GHG permitting and/or regional GHG cap-and-trade programs. It is uncertain whether, when and in what form a federal mandatory carbon dioxide emissions reduction program, or other state programs, may be adopted. Similarly, certain countries have adopted the Kyoto Protocol and/or the Paris Accord, and these and other existing international initiatives or those under consideration could affect our international operations. To the extent our customers, particularly our energy and industrial customers, are subject to any of these or other similar proposed or newly enacted laws and regulations, we are exposed to risks that the additional costs incurred by customers to comply with such laws and regulations could impact their ability or desire to continue to operate at similar levels in certain jurisdictions as historically seen or as currently anticipated, which could negatively impact their demand for our products and services. These actions could also increase costs associated with our operations, including costs for raw materials and transportation. Because it is uncertain what laws will be enacted, we cannot predict the potential impact of such laws on our future financial condition, results of operations and cash flows.

Increased information technology security threats and computer crime pose a risk to our systems, networks, products and services, and we are exposed to potential regulatory, financial and reputational risks relating to the protection of our data.

We rely upon information technology systems and networks in connection with a variety of business activities, some of which are managed by third parties. Additionally, we collect and store data that is sensitive to us and our employees, customers, distributors and suppliers. As our business increasingly interfaces with employees, customers, distributors and suppliers using information technology systems and networks, we are subject to an increased risk to the secure operation of these systems and networks and to additional laws and regulatory requirements regarding data privacy, including the European Union General Data Protection Regulation. The secure operation of these information technology systems and networks, and the processing and maintenance of this data is critical to our business operations and strategy. Information technology security threats are increasing in frequency and sophistication. These threats pose a risk to the security of our systems and networks and the confidentiality, availability and integrity of the data we process and maintain and pose a risk of theft to our assets. Establishing systems and processes to address these threats and changes in legal requirements relating to data collection and storage may increase our costs. We have experienced data breaches, and, although we have determined such data breaches to be immaterial and such data breaches have not had a material adverse effect on our financial condition, results of operations or cash flows, there can be no assurance of similar results in the future. Should future attacks succeed in the theft of assets, exporting sensitive data or financial information or controlling sensitive systems or networks, it could expose us and our employees, customers, distributors and suppliers to the theft of assets, misuse of information or systems, the compromising of confidential information, manipulation and destruction of data, defective products, production downtimes and operations disruptions, and breach of privacy, which may require notification under data privacy and other applicable laws. The occurrence of any of these events could have a material adverse effect on our reputation, business, financial condition, results of operations and cash flows. In addition, such breaches in security could result in litigation, regulatory action and potential liability and the costs and operational consequences of implementing further data protection measures.

We may be negatively impacted by litigation, including product liability claims.

We are currently, and may in the future, become subject to litigation and other claims. We have been made parties to a number of actions filed or have been given notice of potential claims relating to the conduct of our business, including those pertaining to commercial disputes, product liability, asbestos, environmental, safety and health, patent infringement and employment matters. The outcome of such legal proceedings cannot be predicted with certainty and some may be disposed of unfavorably to us. Our business exposes us to potential litigation, such as product liability claims relating to the design, manufacture and sale of our products. While we currently maintain what we believe to be suitable product liability insurance, we may not be able to maintain this insurance on acceptable terms and this insurance may not provide adequate protection against potential or previously existing liabilities. In addition, we self-insure a portion of product liability claims. Successful claims against us for significant amounts could have a material adverse effect on our reputation, business, financial condition, results of operations and cash flows.

13

If the distribution from Pentair fails to qualify as a tax-free transaction for U.S. federal income tax purposes, then we and our shareholders could be subject to significant tax liability or tax indemnity obligations.

Pentair received an IRS Ruling from the IRS substantially to the effect that, among other things, the distribution and certain related transactions qualify as tax-free under Section 355 and related provisions of the Code. The tax-free nature of the distribution was conditioned on the continued validity of the IRS Ruling, as well as on receipt of a tax opinion, substantially to the effect that, among other things, the distribution would qualify as a tax-free transaction under Section 355 and related provisions of the Code, and certain transactions related to the transfer of assets and liabilities to us in connection with the separation and distribution would not result in the recognition of any gain or loss to Pentair, us or our shareholders. The IRS ruling and the tax opinion relied on certain facts and assumptions, certain representations from Pentair and us regarding the past and future conduct of both businesses and other matters, and the tax opinion relies on the IRS Ruling. Notwithstanding the IRS ruling and tax opinion, the IRS could determine on audit that the distribution should be treated as a taxable transaction if it determines that any of these facts, assumptions, representations or undertakings is not correct or has been violated, or that the distribution should be taxable for other reasons, including as a result of a significant change in stock or asset ownership after the distribution, or if the IRS were to disagree with the conclusions of the tax opinion that are not covered by the IRS ruling. If the distribution is ultimately determined to be taxable, the distribution could be treated as a taxable dividend to you for U.S. federal income tax purposes, and you could incur significant U.S. federal income tax liability. In addition, Pentair and/or we could incur significant U.S. federal income tax liabilities or tax indemnification obligations, whether under applicable law or the tax matters agreement that we entered into with Pentair, if it is ultimately determined that certain related transactions undertaken in anticipation of the distribution are taxable. To the extent we incur any tax liability or indemnification obligation under applicable law or the tax matters agreement, there could be a material adverse effect on our business, financial condition and results of operations and cash flows in future reporting periods.

Risks Relating to Financial Markets and Our Debt and Liquidity

Volatility in currency exchange rates could have a material adverse effect on our financial condition, results of operations and cash flows.

Sales outside of the U.S. for the year ended December 31, 2020 accounted for approximately 41% of our net sales. Our financial statements reflect translation of items denominated in non-U.S. currencies to U.S. dollars. Therefore, if the U.S. dollar strengthens in relation to the principal non-U.S. currencies from which we derive revenue as compared to a prior period, our U.S. dollar-reported revenue and income will effectively be decreased to the extent of the change in currency valuations and vice-versa. For the year ended December 31, 2020, foreign currency translations had a 0.2% positive impact on our net sales. Fluctuations in foreign currency exchange rates, most notably the strengthening of the U.S. dollar against the euro, could have a material adverse effect on our reported revenue and income in future periods.

Disruptions in the financial markets could adversely affect us, our customers and our suppliers by increasing funding costs or reducing availability of credit.

In the normal course of our business, we may access credit markets for general corporate purposes, which may include repayment of indebtedness, acquisitions, additions to working capital, repurchase of shares, capital expenditures and investments in our subsidiaries. Although we expect to have sufficient liquidity to meet our foreseeable needs, our access to and the cost of capital could be negatively impacted by disruptions in the credit markets, which have occurred in the past and made financing terms for borrowers unattractive or unavailable. These factors may make it more difficult or expensive for us to access credit markets if the need arises. In addition, these factors may make it more difficult for our suppliers to meet demand for their products or for prospective customers to commence new projects, as customers and suppliers may experience increased costs of debt financing or difficulties in obtaining debt financing. Disruptions in the financial markets in the past have had adverse effects on other areas of the economy and have led to a slowdown in general economic activity that may adversely affect our businesses. One or more of these factors could adversely affect our business, financial condition, results of operations and cash flows.

Covenants in our debt instruments may adversely affect us.

Our credit agreements and indentures contain customary financial covenants, including those that limit the amount of our debt, which may restrict the operations of our business and our ability to incur additional debt to finance acquisitions. Our ability to meet the financial covenants can be affected by events beyond our control, and we cannot provide assurance that we will meet those tests. A breach of any of these covenants could result in a default under our credit agreements or indentures. Upon the occurrence of an event of default under any of our credit facilities or indentures, the lenders or trustees could elect to declare all amounts outstanding thereunder to be immediately due and payable and, in the case of credit facility lenders, terminate all commitments to extend further credit. If the lenders or trustees accelerate the repayment of borrowings, we cannot provide assurance that we will have sufficient assets to repay our credit facilities and our other indebtedness. Furthermore, acceleration of any obligation under any of our material debt instruments will permit the holders of our other material debt to accelerate their obligations, which could have a material adverse effect on our financial condition.

14

Our indebtedness, and any future increase in debt or raising of additional capital, could affect our financial condition, and may decrease our profitability.

As of December 31, 2020, we had $1.0 billion of total debt outstanding. If we are not able to repay or refinance our debt as it becomes due, we may be forced to sell assets or take other disadvantageous actions, including (i) reducing financing in the future for working capital, capital expenditures and general corporate purposes or (ii) dedicating an unsustainable level of our cash flow from operations to the payment of principal and interest on our indebtedness. The lenders who hold such debt could also accelerate amounts due, which could potentially trigger a default or acceleration of any of our other debt.

Further, we may increase our debt or raise additional capital in the future, subject to restrictions in our debt agreements. If our cash flow from operations is less than we anticipate, if our cash requirements are more than we expect, or if we intend to finance acquisitions, we may require more financing. However, debt or equity financing may not be available to us on acceptable terms, if at all. If we incur additional debt or raise equity through the issuance of additional capital shares, the terms of the debt or capital shares issued may give the holders rights, preferences and privileges senior to those of holders of our ordinary shares, particularly in the event of liquidation. The terms of the debt may also impose additional and more stringent restrictions on our operations than we currently have. If we raise funds through the issuance of additional equity, the percentage ownership of existing shareholders in our company would decline. If we are unable to raise additional capital when needed, our financial condition could be adversely affected. Unfavorable changes in the ratings that rating agencies assign to our debt may ultimately negatively impact our access to the debt capital markets and increase the costs we incur to borrow funds. If ratings for our debt are downgraded, our access to the debt capital markets may become restricted. Additionally, our credit agreements generally include an increase in interest rates if the ratings for our debt are downgraded.

Risks Relating to Our Jurisdiction of Incorporation in Ireland and Tax Residency in the U.K.

We are subject to changes in law and other factors that may not allow us to maintain a worldwide effective corporate tax rate that is competitive in our industry.

While we believe that we should be able to maintain a worldwide effective corporate tax rate that is competitive in our industry, we cannot give any assurance as to what our effective tax rate will be in the future, because of, among other things, uncertainty regarding the tax policies of the jurisdictions where we operate. Our actual effective tax rate may vary from our expectation and that variance may be material. Also, the tax laws of the U.S., the U.K., Ireland and other jurisdictions could change in the future, and such changes could cause a material change in our worldwide effective corporate tax rate. In particular, legislative action could be taken by the U.S., the U.K., Ireland or the European Union which could override tax treaties or modify tax statutes or regulations upon which we expect to rely and adversely affect our effective tax rate. We cannot predict the outcome of any specific legislative proposals. If proposals were enacted that had the effect of disregarding our incorporation in Ireland or limiting our ability as an Irish company to maintain tax residency in the U.K. and take advantage of the tax treaties among the U.S., the U.K. and Ireland, we could be subject to increased taxation, which could materially adversely affect our financial condition, results of operations, cash flows or our effective tax rate in future reporting periods.

A change in our tax residency could have a negative effect on our future profitability, and may trigger taxes on dividends or exit charges.

We are incorporated in Ireland and we are an Irish tax resident under Irish domestic law unless we are regarded as being resident elsewhere (and not Ireland) under the terms of a double tax treaty. Under domestic U.K. law, a company that is centrally managed and controlled in the U.K. is regarded as resident in the U.K. for taxation purposes unless it is treated as resident in another jurisdiction pursuant to any appropriate double tax treaty with the U.K. Other jurisdictions may also seek to assert taxing jurisdiction over us.

Effective for tax periods beginning on or after November 1, 2019, where a company is treated as tax resident under the domestic laws of both the U.K. and Ireland, the Double Tax Convention between the U.K. and Ireland (the “Convention”) signed on June 2, 1976, and as modified by paragraph 1 of Article 4 of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the “Multilateral Instrument” or “MLI”) provides that the residence of a dual-resident entity should be determined by way of mutual agreement between the Irish Revenue Commissioners and Her Majesty’s Revenue Commissioners. The tie-breaker test provides that, in cases of dual residence, the competent authorities of the two states shall determine by mutual agreement the territory of which the person shall be deemed to be resident for purposes of the Convention.

Our application under the Mutual Agreement Procedure provided for in Article 24 of the Convention (as amended pursuant to the MLI) seeking confirmation that we will continue to be tax resident solely in the U.K. was approved by the competent authorities of the U.K. and Ireland effective December 31, 2019.

15

It is possible that in the future, whether as a result of a change in law or the practice of any relevant tax authority or as a result of any change in the conduct of our affairs, we could become, or be regarded as having become, resident in a jurisdiction other than the U.K. If we cease to be resident in the U.K. and become resident in another jurisdiction, we may be subject to U.K. exit charges, and could become liable for additional tax charges in the other jurisdiction (including dividend withholding taxes or corporate income tax charges). If we were to be treated as resident in more than one jurisdiction, we could be subject to taxation in multiple jurisdictions. If, for example, we were considered to be a tax resident of Ireland, we could become liable for Irish corporation tax and any dividends paid by us could be subject to Irish dividend withholding tax.

Legislative action in the U.S. could materially adversely affect us.

Legislative or administrative action may be taken by the U.S. Congress or U.S. Treasury which, if ultimately enacted or finalized, could limit the availability of tax benefits or deductions that we currently claim, override tax treaties upon which we rely, or otherwise affect the taxes that the U.S. imposes on our worldwide operations. Such changes could materially adversely affect our effective tax rate and/or require us to take further action, at potentially significant expense, to seek to preserve our effective tax rate.

Irish law differs from the laws in effect in the U.S. and may afford less protection to holders of our securities.

It may not be possible to enforce court judgments obtained in the U.S. against us in Ireland based on the civil liability provisions of the U.S. federal or state securities laws. In addition, there is some uncertainty as to whether the courts of Ireland would recognize or enforce judgments of U.S. courts obtained against us or our directors or officers based on the civil liabilities provisions of the U.S. federal or state securities laws or hear actions against us or those persons based on those laws. We have been advised that the U.S. currently does not have a treaty with Ireland providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. Therefore, a final judgment for the payment of money rendered by any U.S. federal or state court based on civil liability, whether or not based solely on U.S. federal or state securities laws, would not automatically be enforceable in Ireland.

As an Irish company, we are governed by the Companies Act 2014, which differs in some material respects from laws generally applicable to U.S. corporations and shareholders, including, among others, differences relating to interested director and officer transactions and shareholder lawsuits. Likewise, the duties of directors and officers of an Irish company generally are owed to the company only. Shareholders of Irish companies generally do not have a personal right of action against directors or officers of the company and may exercise such rights of action on behalf of the company only in limited circumstances. Accordingly, holders of our securities may have more difficulty protecting their interests than would holders of securities of a corporation incorporated in a jurisdiction of the U.S.

In addition, our articles of association provide that the Irish courts have exclusive jurisdiction to determine any and all derivative actions in which a holder of nVent ordinary shares asserts a claim in the name of nVent, actions asserting a claim of breach of a fiduciary duty of any of the directors of nVent and actions asserting a claim arising pursuant to any provision of Irish law or our articles of association. Under Irish law, the proper claimant for wrongs committed against nVent, including by our directors, is considered to be nVent itself. Irish law permits a shareholder to initiate a lawsuit on behalf of a company such as nVent only in limited circumstances and requires court permission to do so.

Transfers of nVent ordinary shares may be subject to Irish stamp duty.

Transfers of nVent ordinary shares effected by means of the transfer of book entry interests in the Depository Trust Company ("DTC") will not be subject to Irish stamp duty. However, if you hold your nVent ordinary shares directly, rather than beneficially through DTC, any transfer of your nVent ordinary shares could be subject to Irish stamp duty (currently at the rate of 1 percent of the higher of the price paid or the market value of the shares acquired). Payment of Irish stamp duty is generally a legal obligation of the transferee.

We currently intend to pay (or cause one of our affiliates to pay) stamp duty in connection with share transfers made in the ordinary course of trading by a seller who holds shares directly to a buyer who holds the acquired shares beneficially. In other cases we may, in our absolute discretion, pay (or cause one of our affiliates to pay) any stamp duty. Our constitution provides that, in the event of any such payment, we (i) may seek reimbursement from the buyer, (ii) will have a lien against the shares acquired by such buyer and any dividends paid on such shares and (iii) may set-off the amount of the stamp duty against future dividends on such shares. Parties to a share transfer may assume that any stamp duty arising in respect of a transaction in nVent ordinary shares has been paid unless one or both of such parties is otherwise notified by us.

nVent ordinary shares, received by means of a gift or inheritance, could be subject to Irish capital acquisitions tax.

Irish capital acquisitions tax (“CAT”) could apply to a gift or inheritance of nVent ordinary shares irrespective of the place of residence, ordinary residence or domicile of the parties. This is because nVent ordinary shares will be regarded as property situated in Ireland. The person who receives the gift or inheritance has primary liability for CAT. Gifts and inheritances passing

16

between spouses are exempt from CAT. Children have a tax-free threshold which Irish Revenue typically updates annually in respect of taxable gifts or inheritances received from their parents.

General Risk Factors

Our share price may fluctuate significantly.

We cannot predict the prices at which nVent ordinary shares may trade. The market price of nVent ordinary shares may fluctuate widely, depending on many factors, some of which may be beyond our control, including:

•actual or anticipated fluctuations in our results of operations due to factors related to our business;

•success or failure of our business strategy;

•our quarterly or annual earnings, or those of other companies in our industry;

•our ability to obtain third-party financing as needed;

•announcements by us or our competitors of significant acquisitions or dispositions;

•changes in accounting standards, policies, guidance, interpretations or principles;

•changes in earnings estimates by us or securities analysts or our ability to meet those estimates;

•the operating and share price performance of other comparable companies;

•investors' perceptions of us;

•natural or other environmental disasters that investors believe may affect us;

•overall market fluctuations;

•results from any material litigation, including government investigations or environmental liabilities;

•changes in laws and regulations affecting our business; and

•general economic conditions and other external factors. 

Stock markets in general have experienced volatility that has often been unrelated to the operating performance of a particular company. These broad market fluctuations could have a material adverse effect on our share price.

Our success depends on attracting and retaining qualified personnel.

Our ability to sustain and grow our business requires us to hire, retain and develop a highly skilled and diverse management team and workforce. Failure to ensure that we have the depth and breadth of personnel with the necessary skill set and experience, or the loss of key employees, could impede our ability to deliver our growth objectives and execute our strategy.

Catastrophic and other events beyond our control may disrupt operations at our manufacturing facilities and those of our suppliers, which could cause us to be unable to meet customer demands or increase our costs or reduce customer spending.

If operations at any of our manufacturing facilities or those of our suppliers were to be disrupted as a result of significant equipment failures, natural disasters, earthquakes, power outages, fires, explosions, terrorism, adverse weather conditions, labor disputes, public health epidemics or other catastrophic events or events outside of our control, we may be unable to fill customer orders and otherwise meet customer demand for our products. In addition, these types of events may negatively impact consumer, commercial and industrial spending in impacted regions or, depending on the severity, globally. As a result, any of such events could have a material adverse effect our business, financial condition, results of operations and cash flows. Interruptions in production, in particular at our manufacturing facilities, could increase our costs and reduce our sales. Any interruption in production capability could require us to make substantial capital expenditures to fill customer orders. We maintain property damage insurance that we believe to be adequate to provide for reconstruction of facilities and equipment, as well as business interruption insurance to mitigate losses resulting from any production interruption or shutdown caused by an insured loss. However, any recovery under our insurance policies may not offset the lost sales or increased costs that may be

17

experienced during the disruption of operations, which could have a material adverse effect our business, financial condition, results of operations and cash flows.

We may experience material cost and other inflation.

In the past, we have experienced material cost and other inflation in a number of our businesses. We strive for productivity improvements and implement increases in selling prices to help mitigate cost increases in raw materials, freight, energy, wage and other costs such as pension, health care and insurance. We continue to implement operational initiatives, including commodity price lock strategies, in order to mitigate the impact of this inflation and continuously reduce our costs. However, these actions may not be successful in managing our costs or increasing our productivity. Continued cost inflation or failure of our initiatives to generate cost savings or improve productivity could have a material adverse effect on our business, financial condition, results of operations and cash flows.

ITEM 1B.   UNRESOLVED STAFF COMMENTS

None.

18

ITEM 2.   PROPERTIES

Our principal office is located in leased premises in London, U.K., and our management office in the U.S. is located in leased premises in Minneapolis, Minnesota.

Our key operations are conducted in manufacturing and distribution facilities throughout the world. The following is a summary of our principal manufacturing, distribution, and service center properties:

		Number of Facilities
	Manufacturing Plant Locations	Manufacturing Plants	Distribution Facilities	Service Centers
Enclosures	U.S. and 8 other countries	13	10	—
Electrical & Fastening Solutions	U.S. and 2 other countries	8	6	—
Thermal Management	U.S. and 2 other countries	4	6	4

We believe that our production facilities are suitable for their purpose and are adequate to support our businesses. 

19

ITEM 3.   LEGAL PROCEEDINGS

We have been made parties to a number of actions filed or have been given notice of potential claims relating to the conduct of our business, including those pertaining to commercial disputes, product liability, asbestos, environmental, safety and health, patent infringement and employment matters.

While we believe that a material impact on our financial position, results of operations or cash flows from any such future claims or potential claims is unlikely, given the inherent uncertainty of litigation, a remote possibility exists that a future adverse ruling or unfavorable development could result in future charges that could have a material adverse impact. We do and will continue to periodically reexamine our estimates of probable liabilities and any associated expenses and receivables and make appropriate adjustments to such estimates based on experience and developments in litigation. As a result, the current estimates of the potential impact on our financial position, results of operations and cash flows for the proceedings and claims described in the notes to our consolidated and combined financial statements could change in the future.

Environmental matters

We have been named as defendant, target or a potentially responsible party ("PRP") in a number of environmental clean-ups relating to our current or former business units. We may be named as a PRP at other sites in the future for existing business units, as well as both divested and acquired businesses. In addition to clean-up actions brought by governmental authorities, private parties could bring personal injury or other claims due to the presence of, or exposure to, hazardous substances.

Certain environmental laws impose liability on current or previous owners or operators of real property for the cost of removal or remediation of hazardous substances at their properties or at properties at which they have disposed of hazardous substances. Our accruals for environmental matters are recorded on a site-by-site basis when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. It can be difficult to estimate reliably the final costs of investigation and remediation due to various factors. In our opinion, the amounts accrued are appropriate based on facts and circumstances as currently known. As of December 31, 2020, our recorded reserves for environmental matters were not material. We do not anticipate these environmental conditions will have a material adverse effect on our financial position, results of operations or cash flows. However, unknown conditions, new details about existing conditions or changes in environmental requirements may give rise to environmental liabilities that will exceed the amount of our current reserves and could have a material adverse effect in the future.

Product liability claims

We are subject to various product liability lawsuits and personal injury claims. A substantial number of lawsuits and claims incurred prior to the effective date of the separation on April 30, 2018 are insured and accrued for by the former Parent’s captive insurance subsidiary. Lawsuits and claims incurred after the separation are insured and accrued for by Tonka Bay, a captive insurance subsidiary of nVent. For all other claims, accruals covering the claims are recorded, on an undiscounted basis, when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing information. The accruals are adjusted periodically as additional information becomes available. We have not experienced significant unfavorable trends in either the severity or frequency of product liability lawsuits or personal injury claims.

ITEM 4.   MINE SAFETY DISCLOSURES

Not applicable.

20

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

Current executive officers of nVent Electric plc, their ages, current position and their business experience during at least the past five years are as follows:

Name	Age	Current Position and Business Experience
Beth A. Wozniak	56	Chief Executive Officer since 2018; Ms. Wozniak was the President of Pentair’s Electrical segment during 2017. Ms. Wozniak previously served as President of Pentair’s Flow & Filtration Solutions Global Business Unit from 2015 – 2016. Ms. Wozniak was President of the Environmental and Combustion Controls unit of Honeywell International Inc. (a software-industrial company) from 2011 – 2015 and President of the Sensing and Controls Unit of Honeywell International Inc. from 2006 – 2011, and she held various leadership positions at Honeywell International Inc. and its predecessor AlliedSignal Inc. from 1990 – 2006.
Sara E. Zawoyski	46	Executive Vice President and Chief Financial Officer since 2019; Ms. Zawoyski was the Senior Vice President Finance and Treasurer of the Company from 2018 – 2019. Ms. Zawoyski previously served in the following roles at Pentair and its predecessors: Chief Financial Officer, Electrical Segment from 2017 – 2018, Chief Financial Officer, Flow and Filtration Solutions from 2015 – 2017, Chief Financial Officer Flow Technologies from 2014 – 2015, Chief Financial Officer, Equipment Protection from 2012 – 2014, and Vice President Investor Relations from 2010 – 2012. Ms. Zawoyski also previously held various investor relations and managerial finance leadership positions at PepsiAmericas from 2002 – 2010 and various positions in the audit practice of PricewaterhouseCoopers LLP from 1996 – 2002.
Jon D. Lammers	56	Executive Vice President and General Counsel and Secretary since 2018; Mr. Lammers served as Pentair's General Counsel, Electrical from 2017-2018 and was an attorney at Foulston Siefkin LLP (a Kansas-based law firm) from 2016 – 2017. Mr. Lammers previously served as Senior Vice President, General Counsel and Secretary of Spirit Aerosystems Holdings, Inc. (a designer and manufacturer of aerostructures) from 2012 – 2016. He held various senior legal roles, including Deputy North American General Counsel and Asia Pacific General Counsel with Cargill Inc. from 1997 – 2012. Prior to his corporate experience, Mr. Lammers practiced law at Oppenheimer, Wolff & Donnelly (n/k/a Fox Rothschild LLP) from 1993 – 1997 and Paul Hastings LLP from 1991 – 1993.
Elizabeth C. Noonan	61	Executive Vice President and Chief Growth Officer since 2019; Ms. Noonan was the Chief Marketing Officer at Cree Inc. (a publicly traded manufacturer in the global lighting industry) from 2014 – 2019. Ms. Noonan previously held various leadership roles, including Chief Marketing Officer, with Panasonic Corporation North America from 2011 – 2014 and the Eastman Kodak Company from 1986 – 2011.
Lynnette R. Heath	53	Executive Vice President and Chief Human Resources Officer since 2018; Ms. Heath was the Senior Vice President, Global Human Resources of Entrust Datacard (a privately held global security and identity company) from 2009 – 2017. Ms. Heath previously held various human resources roles with General Electric Company from 2000 – 2009, with McKesson Corporation from 1996 – 2000 and with Northern States Power Company (n/k/a Xcel Energy Inc.) from 1992 – 1996.
Aravind Padmanabhan	52	Executive Vice President and Chief Technology Officer since 2019; Mr. Padmanabhan was the Vice President and Chief Technology Officer of the Honeywell Connected Worker unit of Honeywell International Inc. (a software-industrial company) from 2018 – 2019, and served as Acting Chief Architect of the Honeywell Sentience Platform in 2018. Mr. Padmanabhan previously served as Vice President and Chief Technology Officer of the Home & Building Technologies unit of Honeywell International Inc. from 2016 – 2018 and the Environmental & Energy Solutions unit of Honeywell International Inc. from 2013 – 2016. Mr. Padmanabhan also previously held various other technology and engineering leadership positions at Honeywell International Inc. from 1997 – 2013.
Randolph A. Wacker	56	Senior Vice President and Chief Accounting Officer since 2018 and Treasurer since 2019; Mr. Wacker was the Assistant Corporate Controller of Pentair and served in that role from 2005-2017. Mr. Wacker served as the U.S. Controller of Computer Network Technologies from 2004 – 2005. He served over 10 years in corporate controlling and external reporting roles in various public companies. Mr. Wacker also served as an accountant with the public accounting firm Larson, Allen, Weishair & Co., LLP (n/k/a CliftonLarsonAllen) from 1988 – 1993.

21

Joseph A. Ruzynski	45	President of Enclosures since 2018; Mr. Ruzynski was the Vice President of Pentair’s Enclosures Strategic Business Unit and served in that role during 2017. Mr. Ruzynski previously served as Vice President of Pentair’s Engineered Projects Strategic Business Group in its Valves & Controls Global Business Unit from 2016 – 2017 and Vice President of Pentair’s Fluid Motion Business Group from 2015 – 2016. He was the Vice President, Operations of Pentair’s Equipment Protection and Technical Solutions Global Business Units from 2012 – 2014, and held various supply leadership positions with Pentair from 2003 – 2012. Mr. Ruzynski was a Manager with Ernst & Young from 1997 – 2003.
Robert J. van der Kolk	52	President of Electrical & Fastening Solutions since 2018; Mr. van der Kolk was the Vice President of Pentair’s Engineered & Fastening Solutions Strategic Business Unit of the Electrical segment and served in that role from 2015 – 2017. Mr. van der Kolk previously served as the Executive Vice President, Sales for ERICO from 2011 – 2015, and held various sales, development, and manufacturing leadership roles with ERICO from 2001 – 2008. Mr. van der Kolk held Plant Superintendent and Production Management roles for Cargill in the Netherlands and Germany from 1993 – 2001.
Michael B. Faulconer	52	President of Thermal Management since 2018; Mr. Faulconer was the Vice President of Pentair’s Thermal Management Strategic Business Unit of the Electrical segment and served in that role during 2017. Mr. Faulconer previously served as the Vice President of Pentair’s Thermal Building Solutions Unit from 2014 – 2016. He was the Vice President, Marketing of Pentair’s Thermal Management Unit from 2010 – 2013. Mr. Faulconer held various general management and marketing leadership roles with Tyco Thermal Controls in the U.S. and Asia from 2001 – 2010. From 1991 – 2000, Mr. Faulconer held various sales roles with Valquip Corporation.

22

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Our ordinary shares are listed for trading on the New York Stock Exchange and trade under the symbol "NVT." As of December 31, 2020, there were 14,213 shareholders of record.

The timing, declaration and payment of future dividends to holders of our ordinary shares will depend upon many factors, including our financial condition and results of operations, the capital requirements of our businesses, industry practice and any other relevant factors.

Share Performance Graph

The following information under the caption "Share Performance Graph" in this ITEM 5 of this Annual Report on Form 10-K is not deemed to be "soliciting material" or to be "filed" with the Securities and Exchange Commission or subject to Regulation 14A or 14C under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or to the liabilities of Section 18 of the Exchange Act and will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent we specifically incorporate it by reference into such a filing.

The following graph sets forth the cumulative total shareholder return on our ordinary shares from the date of the separation of nVent from Pentair, assuming the investment of $100 on April 30, 2018 and the reinvestment of all dividends since that date to December 31, 2020. The graph also contains for comparison purposes the S&P Mid Cap 400 Index and the S&P Mid Cap 400 Industrials Index, assuming the same investment level and reinvestment of dividends. By virtue of our market capitalization, we are a component of the S&P Mid Cap 400 Index. On the basis of our size and diversity of businesses, we believe the S&P Mid Cap 400 Industrials Index is an appropriate published industry index for comparison purposes.

	Base Period 2018	INDEXED RETURNS Years ended
Company / Index	April 30	Q4 2018	Q4 2019	Q4 2020
nVent Electric plc	100	102.99	117.30	113.84
S&P Mid Cap 400 Index	100	88.82	110.18	128.87
S&P Mid Cap 400 Industrials Index	100	90.13	118.98	137.03

23

Purchases of Equity Securities

The following table provides information with respect to purchases we made of our ordinary shares during the fourth quarter of 2020:

	(a)	(b)		(c)	(d)
	Total 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
October 1 – October 24, 2020	857,054	$	19.33	854,900	$	568,604,469
October 25 – November 21, 2020	1,251,491	18.72		1,251,393	545,149,839
November 22 – December 31, 2020	1,450	19.51		—	545,149,839
Total	2,109,995			2,106,293

(a)The purchases in this column includes 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, vesting of restricted shares and vesting of 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)In July 2018, our Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2018 Authorization"). In February 2019, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $380.0 million (the "2019 Authorization"). The 2018 and 2019 Authorizations expire on July 23, 2021. As of December 31, 2020, we had $545.1 million available for repurchases under the combined 2018 and 2019 Authorizations.

24

ITEM 6.   SELECTED FINANCIAL DATA

The selected historical consolidated and combined financial data presented below should be read in conjunction with the “Risk Factors” in ITEM 1A, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in ITEM 7, and our consolidated and combined financial statements and accompanying notes thereto in ITEM 8 of this Annual report on Form 10-K to fully understand factors that may affect the comparability of the information presented below.

For the periods ended December 31, 2016 and 2017, and for the first four months of the year ended December 31, 2018, certain expenses of Pentair were allocated to nVent for certain support functions that were provided on a centralized basis prior to the separation from Pentair on April 30, 2018. As a result, the financial information included below may not necessarily reflect what nVent's financial position, results of operations and cash flows would have been had it been a stand-alone company during the periods presented.

	Years ended December 31
In millions, except per-share data	2020		2019		2018		2017		2016
Consolidated and combined statements of operations and comprehensive income (loss) data
Net sales	$	1,998.6	$	2,204.0	$	2,213.6	$	2,097.9	$	2,116.0
Income (loss) before income taxes	(9.5)		257.4		268.7		313.3		315.0
Net income (loss)	(47.2)		222.7		230.8		361.7		259.1
Per-share data
Basic:
Earnings (loss) per ordinary share	$	(0.28)	$	1.30	$	1.29	$	2.02	$	1.45
Weighted average shares (1)	169.6		171.6		178.6		179.0		179.0
Diluted:
Earnings (loss) per ordinary share	$	(0.28)	$	1.29	$	1.28	$	2.00	$	1.43
Weighted average shares (1)	169.6		173.0		180.8		181.2		181.2
Cash dividends declared and paid per ordinary share	$	0.70	$	0.70	$	0.35	$	—	$	—
Cash dividends declared and unpaid per ordinary share	$	0.175	$	0.175	$	0.175	$	—	$	—
Consolidated and combined balance sheets data
Total assets	$	4,366.1	$	4,640.3	$	4,552.7	$	4,725.0	$	4,493.8
Total debt	948.0		1,064.6		941.7		—		—
Total equity	2,409.8		2,592.5		2,687.1		3,791.3		3,485.7

(1) On April 30, 2018, Pentair completed the separation of its Electrical business, distributing to its shareholders one ordinary share of nVent for every ordinary share of Pentair held as of the record date of April 17, 2018. The computations of basic and diluted earnings per share for periods prior to the separation were calculated using the shares that were distributed to Pentair shareholders upon the separation.

25

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management's Discussion and Analysis of Financial Condition and Results of Operations refers to and should be read in conjunction with the audited consolidated and combined financial statements and the corresponding notes included in ITEM 8.

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," "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. These factors include adverse effects on our business operations or financial results, including due to the impact of the novel coronavirus 2019 ("COVID-19") pandemic and potential impairment of goodwill and trade names; 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; competition and pricing pressures in the markets we serve, including the impacts of tariffs; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; 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 Annual Report on Form 10-K. 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.

The following is the discussion and analysis of changes in the financial condition and results of operations for fiscal year 2020 compared to fiscal year 2019. The discussion and analysis of fiscal year 2018 and changes in the financial condition and results of operations for fiscal year 2019 compared to fiscal year 2018 that are not included in this Form 10-K may be found in Part II, ITEM 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 25, 2020.

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 some of the world's most sensitive equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical connections and fastening and thermal management 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 three segments: Enclosures, Electrical & Fastening Solutions and Thermal Management, which represented approximately 48%, 28% and 24% of total revenues during 2020, respectively.

•Enclosures - The Enclosures segment provides innovative solutions to connect and protect critical control systems, electronics, data and electrical equipment. From metallic and non-metallic enclosures to cabinets, subracks and backplanes, it offers the physical infrastructure to host, connect and protect server and network equipment, as well as indoor and outdoor protection for test and measurement, aerospace and defense applications in industrial, infrastructure, energy and commercial verticals.

•Electrical & Fastening Solutions - The Electrical & Fastening Solutions segment provides solutions that connect and protect electrical and mechanical systems and civil structures. Its engineered electrical and fastening products are innovative cost efficient and time saving connections that are used across a wide range of verticals, including commercial, industrial, infrastructure and energy.

•Thermal Management - The Thermal Management segment provides electric thermal solutions that connect and protect critical buildings, infrastructure, industrial processes and people. Its thermal management systems include heat

26

tracing, floor heating, fire-rated and specialty wiring, sensing and snow melting and de-icing solutions for use in industrial, commercial & residential, energy and infrastructure verticals. It's highly reliable and easy to install solutions lower total cost of ownership to building owners, facility managers, operators and end users.

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 now an independent publicly-traded company and began regular way trading under the symbol "NVT" on the New York Stock Exchange on May 1, 2018.

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.

On August 30, 2019, as part of our Enclosures segment, we completed the acquisition of Eldon for $127.8 million, net of cash acquired. Eldon is an innovative European-based manufacturer of enclosures that protect sensitive electrical, electronic and data and telecommunications components.

On February 10, 2020, we acquired substantially all of the assets of WBT LLC ("WBT") for $29.9 million in cash. The U.S. based WBT business manufactures high-quality cable tray systems that will be marketed as part of the nVent CADDY product line within our Electrical & Fastening Solutions segment and nVent HOFFMAN product line within our Enclosures segment.

COVID-19

In March 2020, the World Health Organization declared COVID-19 a pandemic. The COVID-19 pandemic has resulted, and is likely to continue to result, in significant economic disruption and has adversely affected, and is likely to continue to adversely affect, our business. Governments around the world have implemented measures to help control the spread of the virus, including business curtailments and shutdowns, isolating residents to their places of residence and restricting travel. Significant uncertainty exists concerning the duration and magnitude of the impact of the COVID-19 pandemic on our business, but the effects of the COVID-19 pandemic have had and may continue to have an unfavorable impact on our business.

Our top priority remains the safety and well-being of our employees. We have implemented safety and hygiene processes at our manufacturing and distribution locations to help keep our employees safe, including separation of shifts and workstations, temperature monitoring in most locations, and other recommended practices. We have also taken actions to help keep our non-manufacturing employees safe, including: directing employees to work from home, wherever possible, limiting and screening visitors to our facilities, travel restrictions, canceling events that involve large groups of people, encouraging social distancing best practices and enhanced cleaning in our facilities. All of our facilities have a COVID-19 readiness plan, and we have also launched updated wellness programs for employees. We expect to continue to implement these measures until we determine that the COVID-19 pandemic is adequately contained for purposes of our business, and we may take further actions as government authorities require or recommend, or as we determine to be in the best interests of our employees.

We also remain focused on continuing to serve our customers and support critical industries and essential infrastructure such as medical, data centers and networking solutions, energy and defense, among others. Government mandated measures providing for business curtailments or shutdowns have generally excluded certain essential businesses and services, including businesses that manufacture and sell products or services that are considered essential to daily life, or otherwise operate in essential or critical sectors. While our facilities are considered essential and have remained operational, we have experienced intermittent partial closures at certain facilities as a result of these measures or the need to sanitize the facilities and address employee well-being. All of our manufacturing sites are currently operational and we have not experienced any significant disruptions to our supply chain. We have experienced and expect to continue to experience reductions in customer demand in several end-markets across our business segments. During the second, third and fourth quarters of 2020, organic sales declined by approximately 22%, 14% and 11% compared to the same period of the prior year, respectively, which was primarily attributable to the adverse impacts of the pandemic.

In response to the adverse effects of the pandemic, we have taken, and expect to continue to take as appropriate, actions to lower costs, manage our liquidity and focus on cash flow. These actions have included, but are not limited to:

•Limiting discretionary spending across the organization;

•Reducing payroll costs, which included employee furloughs and temporarily reducing Board of Director fees and salaries for executive officers and other senior leaders in the second and third quarters of 2020;

•Temporarily reducing certain discretionary employee benefits;

27

•Aligning our cost structure to meet demand;

•Reducing capital expenditures;

•Optimizing working capital through inventory reduction initiatives across business segments and focused actions to optimize customer and vendor payment terms; and

•Deferring payment of income and payroll taxes and utilizing job retention subsidies in certain jurisdictions where such opportunities are available.

In addition to actions taken to lower costs, manage our liquidity and focus on cash flow, we remain focused on enhancing our digital and technological capabilities. Our shift to working virtually where possible is allowing us to accelerate our digital initiatives as we collaborate with customers and distribution partners to enhance our websites and improve our digital product content. We are also continuing to invest in our technological capabilities, with new product launches throughout 2020.

We will continue to actively monitor the impacts of the pandemic and may take further actions that alter our business operations as may be required by governments in the jurisdictions where we operate, or that we determine are in the best interests of our employees, customers, suppliers and shareholders.

Key trends and uncertainties regarding our existing business

The following trends and uncertainties affected our financial performance in 2020 and 2019, and will likely impact our results in the future:

•There are many uncertainties regarding the COVID-19 pandemic, including the anticipated duration and severity of the pandemic and the extent of worldwide social, political and economic disruption it may cause. The magnitude of the impact of the pandemic on our financial condition, liquidity and results of operations cannot be determined at this time, and ultimately will be affected by a number of evolving factors including the length of time that the pandemic continues, its effect on the demand for the Company’s products and services and the supply chain, as well as the impact of governmental regulations imposed in response to the pandemic including potential business curtailments and shutdowns impacting our factories. In addition, the recent significant volatility in oil and gas prices have led to a potential sustained downturn in the energy industry.

•We have identified specific product, vertical and geographic market opportunities that we find attractive and continue to pursue, both within and outside the U.S. We are positioning our businesses to more effectively address these opportunities through research and development and additional sales and marketing resources. Unless we successfully penetrate these markets, our organic sales growth will likely be limited or may decline.

•We have experienced material and other cost inflation. We strive for productivity improvements and increase in our selling prices to help mitigate this inflation. We expect the current economic environment, including the impacts of tariffs, will result in continuing price volatility for many of our raw materials and purchased components and we are uncertain as to the timing and impact of these market changes.

•During 2020 and 2019, we continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. In 2020, we executed certain initiatives in response to the decrease in demand attributed to the effects of the COVID-19 pandemic.

In addition to the actions and objectives discussed in the Overview and COVID-19 sections above, our operating objectives in 2021 also include the following:

•Executing our social responsibility strategy focused on People, Products and Planet;

•Enhancing and supporting employee engagement and development;

•Achieving differentiated revenue growth through new products and solutions and market expansion in higher growth vertical markets and key developing regions;

•Optimizing our technological capabilities to increasingly generate innovative new and connected products and advance digital transformation; and

•Driving operating excellence through lean enterprise initiatives, with specific focus on sourcing and supply management, cash flow management and lean operations;

28

•Optimizing working capital through inventory reduction initiatives across business segments and focused actions to optimize customer and vendor payment terms; and

•Deploying capital strategically to drive growth and value creation.

CONSOLIDATED AND COMBINED RESULTS OF OPERATIONS

The consolidated and combined results of operations were as follows:

	Years ended December 31						% / point change
In millions	2020			2019			2020 vs 2019
Net sales	$	1,998.6		$	2,204.0		(9.3	%)
Cost of goods sold	1,249.2			1,338.2			(6.7	%)
Gross profit	749.4			865.8			(13.4	%)
% of net sales	37.5		%	39.3		%	(1.8	pts)
Selling, general and administrative	447.0			484.5			(7.7	%)
% of net sales	22.4		%	22.0		%	0.4	pts
Research and development	43.5			48.2			(9.8	%)
% of net sales	2.2		%	2.2		%	—	pts
Impairment of goodwill and trade names	220.5			—			N.M.
Operating income	38.4			333.1			(88.5	%)
% of net sales	1.9		%	15.1		%	(13.2	pts)
Net interest expense	36.4			44.7			N.M.
Other expense	11.5			31.0			N.M.
Income (loss) before income taxes	(9.5)			257.4			(103.7	%)
Provision for income taxes	37.7			34.7			8.6	%
Effective tax rate	(396.8		%)	13.5		%	N.M.

N.M. Not Meaningful

Net sales

The components of the consolidated net sales change were as follows:

	2020 vs 2019
Volume	(13.5	%)
Price	0.2
Organic growth (decline)	(13.3)
Acquisition	3.8
Currency	0.2
Total	(9.3	%)

The 9.3 percent decrease in net sales in 2020 from 2019 was primarily the result of:

•slowdown in capital spending, largely attributable to the COVID-19 pandemic, resulting in organic sales decline of approximately 6.5%, 3.0% and 2.5% from our industrial, commercial & residential and energy businesses, respectively, in 2020 from 2019.

29

This decrease was partially offset by:

•increased sales of $83.5 million in 2020 as a result of the Eldon and WBT acquisitions.

Gross profit 

The 1.8 percentage point decrease in gross profit as a percentage of sales in 2020 from 2019 was primarily the result of:

•lower sales volume resulting in decreased leverage on fixed expenses in cost of goods sold; and

•inflationary increases related to certain raw materials, labor and freight costs.

This decrease was partially offset by:

•actions taken to lower costs in response to the adverse effects of the COVID-19 pandemic, including temporarily reducing labor costs and limiting discretionary spending; and

•savings generated from our lean and supply management practices.

Selling, general and administrative ("SG&A") 

The 0.4 percentage point increase in SG&A expense as a percentage of sales in 2020 from 2019 was driven by:

•lower sales volume resulting in decreased leverage on fixed operating expenses; and

•inflationary increases impacting our labor costs.

This increase was partially offset by:

•actions taken to lower costs in response to the adverse effects of the COVID-19 pandemic, including temporarily reducing labor costs and limiting discretionary spending; and

•savings generated from restructuring and lean initiatives.

Impairment of goodwill and trade names

During the third quarter of 2020, as a result of the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry, we recognized pre-tax, non-cash impairment expense of $212.3 million related to goodwill in the Thermal Management reporting unit and $8.2 million related to trade names.

Provision for income taxes

The difference in the effective tax rate in 2020 from 2019 was primarily the result of the $9.5 million loss before income taxes in 2020 and:

•impairment of goodwill during the third quarter of 2020 of $212.3 million and the related $21.6 million tax benefit from deferred tax adjustments;

•a $19.4 million non-cash charge related to the establishment of a valuation allowance on certain foreign deferred tax assets recorded in the first quarter of 2020; and

•the mix of global earnings towards lower tax rate jurisdictions;

SEGMENT RESULTS OF OPERATIONS

The summary that follows provides a discussion of the results of operations of our three reportable segments (Enclosures, Electrical & Fastening Solutions and Thermal Management). Each of these segments comprises various product offerings that serve multiple end users.

We evaluate performance based on sales and segment income and use a variety of ratios to measure performance of our reporting segments. Segment income represents operating income exclusive of intangible amortization, separation costs, costs of restructuring activities, impairments and other unusual non-operating items.

30

Enclosures

The net sales and segment income for Enclosures were as follows:

	Years ended December 31				% / point change
In millions	2020		2019		2020 vs 2019
Net sales	$	952.9	$	1,033.8	(7.8	%)
Segment income	148.5		181.3		(18.1	%)
% of net sales	15.6%		17.5%		(1.9	pts)

Net sales

The components of the change in Enclosures net sales were as follows:

	2020 vs 2019
Volume	(14.2	%)
Price	(0.5)
Organic growth (decline)	(14.7)
Acquisition	6.6
Currency	0.3
Total	(7.8	%)

The 7.8 percent decrease in Enclosures net sales in 2020 from 2019 was primarily the result of:

•slowdown in capital spending, largely attributable to the COVID-19 pandemic, resulting in organic sales decline of approximately 8.0% and 2.5% from our industrial and infrastructure businesses, respectively, and approximately 2.0% from each our energy and commercial & residential businesses in 2020 from 2019.

This increase was partially offset by:

•increased sales of $68.4 million in 2020 as a result of the Eldon acquisition.

Segment income

The components of the change in Enclosures segment income as a percentage of net sales from the prior period were as follows:

	2020 vs 2019
Growth/acquisition	(2.5	pts)
Price	(0.4)
Currency	0.4
Net productivity	0.6
Total	(1.9	pts)

The 1.9 percentage point decrease in segment income for Enclosures as a percentage of net sales in 2020 from 2019 was primarily the result of:

•lower sales volume resulting in decreased leverage on fixed expenses; and

•inflationary increases related to certain raw materials, labor and freight costs.

This decrease was partially offset by:

•actions taken to lower costs in response to the adverse effects of the COVID-19 pandemic, including temporarily reducing labor costs and limiting discretionary spending; and

•savings generated from restructuring and lean initiatives.

31

Electrical & Fastening Solutions

The net sales and segment income for Electrical & Fastening Solutions were as follows:

	Years ended December 31				% / point change
In millions	2020		2019		2020 vs 2019
Net sales	$	569.1	$	579.6	(1.8	%)
Segment income	150.2		149.7		0.3	%
% of net sales	26.4%		25.8%		0.6	pts

Net sales

The components of the change in Electrical & Fastening Solutions net sales were as follows:

	2020 vs 2019
Volume	(6.1	%)
Price	1.6
Organic growth (decline)	(4.5)
Acquisition	2.6
Currency	0.1
Total	(1.8	%)

The 1.8 percent decrease in Electrical & Fastening Solutions net sales in 2020 from 2019 was primarily the result of:.

•slowdown in capital spending, largely attributable to the COVID-19 pandemic, resulting in organic sales decline of approximately 5.5% from our commercial & residential business in 2020 from 2019.

This decrease was partially offset by:

•increased sales of $15.1 million in 2020 as a result of the WBT acquisition;

•organic sales growth contribution of approximately 1.0% from each our energy and infrastructure businesses in 2020 from 2019; and

•selective increases in selling prices to offset inflationary cost increases.

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:

	2020 vs 2019
Growth/acquisition	(2.4	pts)
Price	1.2
Currency	0.1
Net productivity	1.7
Total	0.6	pts

The 0.6 percentage point increase in segment income for Electrical & Fastening Solutions as a percentage of net sales in 2020 from 2019 was primarily the result of:

•actions taken to lower costs in response to the adverse effects of the COVID-19 pandemic, including temporarily reducing labor costs and limiting discretionary spending; and

•selective increases in selling prices to offset inflationary cost increases.

This increase was partially offset by:

•lower sales volume resulting in decreased leverage on fixed expenses; and

•inflationary increases related to certain raw materials, labor and freight costs.

32

Thermal Management

The net sales and segment income for Thermal Management were as follows:

	Years ended December 31				% / point change
In millions	2020		2019		2020 vs 2019
Net sales	$	476.6	$	590.6	(19.3	%)
Segment income	93.9		145.3		(35.4	%)
% of net sales	19.7%		24.6%		(4.9	pts)

Net sales

The components of the change in Thermal Management net sales were as follows:

	2020 vs 2019
Volume	(19.3	%)
Price	—
Organic growth (decline)	(19.3)
Currency	—
Total	(19.3	%)

The 19.3 percent decrease in Thermal Management net sales in 2020 from 2019 was primarily the result of:

•slowdown in capital spending, attributable to the effects of the COVID-19 pandemic and significant volatility in oil and gas prices, resulting in organic sales decline of approximately 10.0%, 7.0% and 2.5% from our industrial, energy and commercial & residential businesses, respectively, in 2020 from 2019.

Segment income

The components of the change in Thermal Management segment income as a percentage of net sales from the prior period were as follows:

	2020 vs 2019
Growth/acquisition	(6.6	pts)
Net productivity	1.7
Total	(4.9	pts)

The 4.9 percentage point decrease in segment income for Thermal Management as a percentage of net sales in 2020 from 2019 was primarily the result of:

•lower sales volume resulting in decreased leverage on fixed expenses;

•the impact of unfavorable product mix; and

•inflationary increases related to certain raw materials, labor and freight costs.

This decrease was partially offset by:

•actions taken to lower costs in response to the adverse effects of the COVID-19 pandemic, including temporarily reducing labor costs and limiting discretionary spending; and

•savings generated from restructuring and lean initiatives.

33

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.

In March 2020, as a proactive measure to maximize our liquidity in response to the effects of the COVID-19 pandemic, we drew down $150.0 million on our Revolving Credit Facility, as defined below. We repaid this amount, and an additional $100.0 million, on the Revolving Credit Facility in the third and fourth quarters of 2020. As of December 31, 2020, we had $122.5 million of cash on hand, of which $22.4 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 and increased demand for Thermal Management products and services during the fall and winter months in the Northern Hemisphere.

Operating activities

Net cash provided by operating activities was $344.0 million in 2020, compared to $336.3 million in 2019. Net cash provided by operating activities in 2020 primarily reflects net income of $275.9 million, net of non-cash depreciation, amortization, and impairment expenses, and the positive impact of $46.8 million as a result of changes in net working capital. Cash provided by operating activities in 2019 primarily reflects net income of $319.5 million, net of non-cash depreciation and amortization, and the positive impact of $6.3 million as a result of changes in net working capital.

Investing activities

Net cash used for investing activities was $65.0 million in 2020, compared to net cash used for investing activities of $160.3 million in 2019. Net cash used for investing activities in 2020 primarily related to cash paid for the acquisition of WBT of $27.0 million and capital expenditures of $40.0 million. Net cash used for investing activities in 2019 primarily related to net cash paid for the acquisition of Eldon of $127.8 million and capital expenditures of $38.8 million. Capital expenditures are primarily used for expansion of manufacturing facilities, developing new products and general maintenance.

Financing activities

Net cash used for financing activities was $272.5 million in 2020, which primarily related to share repurchases of $43.2 million, dividends paid of $119.0 million and net payments of revolving long-term debt of $100.0 million. Net cash used for financing activities was $226.4 million in 2019, which primarily related to share repurchases of $235.7 million and dividends paid of $120.7 million, partially offset by net receipts of revolving long-term debt of $134.6 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 $300.0 million aggregate principal amount of 3.950% senior notes due 2023 (the "2023 Notes") and $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes" and, collectively with the 2023 Notes, the "Notes"). Interest on the Notes is payable semi-annually in arrears on April 15 and October 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 has no independent assets or operations unrelated to its investments in its consolidated subsidiaries. The Subsidiary Issuer has no independent assets or operations unrelated to its investments in its 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.

34

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 March 2018, nVent Finance entered into a credit agreement with a syndicate of banks providing for a five-year $200.0 million senior unsecured term loan facility (the "Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the Term Loan Facility, the "Senior Credit Facilities"). We have 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. Total availability under the Revolving Credit Facility was $565.4 million as of December 31, 2020.

Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities, 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 to exceed 3.75 to 1.00 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 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 December 31, 2020, we were in compliance with all financial covenants in our debt agreements, and there is no material uncertainty about our ability to meet those covenants.

Dividends

Dividends paid per ordinary share were $0.70 for both the years ended December 31, 2020 and 2019.

On December 14, 2020, the Board of Directors declared a quarterly cash dividend of $0.175 that was paid on February 5, 2021 to shareholders of record at the close of business on January 22, 2021. The balance of dividends payable included in Other current liabilities on our Consolidated Balance Sheets was $29.4 million and $29.7 million at December 31, 2020 and 2019, respectively.

On February 22, 2021, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on May 7, 2021 to shareholders of record at the close of business on April 23, 2021.

Under Irish law, the payment of future cash dividends and repurchases of shares may be paid only out of nVent Electric plc's "distributable reserves" on its statutory balance sheet. nVent Electric plc is not permitted to pay dividends out of share capital, which includes share premiums. Distributable reserves may be created through the earnings of the Irish parent company and through a reduction in share capital approved by the Irish High Court. Distributable reserves are not linked to a generally accepted accounting principles in the United States of America ("GAAP") reported amount (e.g., retained earnings). In June 2018, the Irish High Court approved nVent Electric plc's conversion of approximately $3.8 billion of share premium to distributable reserves, and in July 2018, we made the required filing of nVent Electric plc's initial accounts with the Irish Companies Registration Office to complete the process.

Authorized shares

Our authorized share capital consists of 400.0 million ordinary shares with a par value of $0.01 per share.

Share repurchases

On July 23, 2018, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2018 Authorization'"). On February 19, 2019, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $380.0 million (the "2019 Authorization"). The 2018 and 2019 Authorizations expire on July 23, 2021.

35

During the year ended December 31, 2020, we repurchased 2.3 million of our ordinary shares for $43.2 million under the 2018 Authorization. As of December 31, 2020, we had $545.1 million available for repurchases under the 2018 and 2019 Authorizations, which total $880.0 million.

Contractual obligations

The following summarizes our significant contractual obligations that impact our liquidity:

	Years ended December 31
In millions	2021		2022		2023		2024		2025		Thereafter		Total
Debt obligations	$	20.0	$	20.0	$	412.1	$	—	$	—	$	500.0	$	952.1
Interest obligations on fixed-rate debt	34.6		34.6		28.7		22.8		22.8		57.0		200.5
Operating lease obligations, net of sublease rentals	16.9		12.0		7.9		5.9		4.6		10.0		57.3
Purchase obligations	69.0		—		—		—		—		—		69.0
Pension and other post-retirement plan contributions	6.7		7.2		6.9		8.9		7.6		48.0		85.3
Total contractual obligations, net	$	147.2	$	73.8	$	455.6	$	37.6	$	35.0	$	615.0	$	1,364.2

The majority of the purchase obligations represent commitments for raw materials to be utilized in the normal course of business. For purposes of the above table, arrangements are considered purchase obligations if a contract specifies all significant terms, including fixed or minimum quantities to be purchased, a pricing structure and approximate timing of the transaction.

In addition to the summary of significant contractual obligations, we will incur annual interest expense on outstanding variable rate debt. As of December 31, 2020, variable interest rate debt was $152.1 million at a weighted average interest rate of 1.520%.

The total gross liability for uncertain tax positions at December 31, 2020 was estimated to be $17.1 million. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, which is consistent with our past practices. As of December 31, 2020, we had recorded $2.3 million for the possible payment of penalties and $3.5 million related to the possible payment of interest.

Other financial measures

In addition to measuring our cash flow generation or usage based upon operating, investing and financing classifications included in the Consolidated and Combined 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. 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 compensation-based incentives. Our measure of free cash flow may not be comparable to similarly titled measures reported by other companies.

The following table is a reconciliation of free cash flow:

	Years ended December 31
In millions	2020		2019
Net cash provided by (used for) operating activities	$	344.0	$	336.3
Capital expenditures	(40.0)		(38.8)
Proceeds from sale of property and equipment	2.0		6.3
Free cash flow	$	306.0	$	303.8

Off-balance sheet arrangements

At December 31, 2020, we had no off-balance sheet financing arrangements.

36

COMMITMENTS AND CONTINGENCIES

We have been, and in the future may be, made parties to a number of actions filed or have been, and in the future may be, given notice of potential claims relating to the conduct of our business, including those pertaining to commercial or contractual disputes, product liability, environmental, safety and health, patent infringement and employment matters.

While we believe that a material impact on our consolidated financial position, results of operations or cash flows from any such future claims or potential claims is unlikely, given the inherent uncertainty of litigation, a remote possibility exists that a future adverse ruling or unfavorable development could result in future charges that could have a material impact. We do and will continue to periodically re-examine our estimates of probable liabilities and any associated expenses and receivables and make appropriate adjustments to such estimates based on experience and developments in litigation. As a result, the current estimates of the potential impact on our consolidated financial position, results of operations and cash flows for the proceedings and claims described in ITEM 8, Note 16 of the Notes to the Consolidated and Combined Financial Statements could change in the future.

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 December 31, 2020 and 2019, the outstanding value of bonds, letters of credit and bank guarantees totaled $43.8 million and $70.0 million, respectively.

NEW ACCOUNTING STANDARDS

See ITEM 8, Note 1 of the Notes to Consolidated and Combined Financial Statements, included in this Form 10-K, for information pertaining to recently adopted accounting standards or accounting standards to be adopted in the future.

CRITICAL ACCOUNTING POLICIES

We have adopted various accounting policies to prepare the consolidated and combined financial statements in accordance with GAAP. Our significant accounting policies are more fully described in ITEM 8, Note 1 of the Notes to Consolidated and Combined Financial Statements. Certain of our accounting policies require the application of significant judgment by management in selecting the appropriate assumptions for calculating financial estimates. By their nature, these judgments are subject to an inherent degree of uncertainty. These judgments are based on our historical experience, terms of existing contracts, our observance of trends in the industry and information available from other outside sources, as appropriate. We consider an accounting estimate to be critical if:

•it requires us to make assumptions about matters that were uncertain at the time we were making the estimate; and

•changes in the estimate or different estimates that we could have selected would have had a material impact on our financial condition or results of operations.

Cost allocations

For periods prior to the separation, the consolidated and combined financial statements of nVent include general corporate expenses of the former Parent for certain support functions that were provided on a centralized basis, such as expenses related to executive management, finance, audit, legal, information technology, human resources, communications, facilities and employee benefits and compensation. These general corporate expenses are included in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) within Selling, general and administrative and Other expense. The amount allocated was $42.5 million for the year ended December 31, 2018, of which $10.3 million was historically recorded to the Electrical segment in the former Parent’s consolidated financial statements. These expenses were allocated to nVent on the basis of direct usage when identifiable, with the remainder allocated based on a proportional basis of net sales, headcount or other measures.

The Company considers the allocation methodology regarding the former Parent’s general corporate expenses to be reasonable for all periods presented. Nevertheless, the consolidated and combined financial statements of nVent for periods prior to the separation may not reflect the actual expenses that would have been incurred and may not reflect nVent’s consolidated and combined results of operations, financial position and cash flows had it been a stand-alone company during the periods

37

presented. Actual costs for periods prior to the separation that would have been incurred if nVent had been a stand-alone company would depend on multiple factors including organization structure, capital structure and strategic decisions made in various areas, including information technology and infrastructure. Transactions between nVent and the former Parent have been included in related party transactions in these consolidated and combined financial statements and were considered to be effectively settled at the time the transaction was recorded. The total net effect of the settlement of these transactions is reflected in the Consolidated and Combined Statements of Cash Flows as a financing activity.

Impairment of goodwill and indefinite-lived intangibles

Goodwill

Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible net assets and identifiable intangible assets purchased and liabilities assumed.

Goodwill is tested annually for impairment as of the first day of the fourth quarter, and is tested for impairment more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test is performed by comparing the fair value of each reporting unit with its carrying amount, and recognizing 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.

The fair value of each reporting unit is determined using a discounted cash flow analysis and market approach. Projecting discounted future cash flows requires us to make significant estimates regarding future revenues and expenses, projected capital expenditures, changes in working capital and the appropriate discount rate. Use of the market approach consists of comparisons to comparable publicly-traded companies that are similar in size and industry. Actual results may differ from those used in our valuations.

Due to the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry, we concluded a triggering event occurred during the third quarter of 2020 for our Thermal Management reporting unit, requiring an impairment test as of September 30, 2020. In order to perform the goodwill impairment test for the Thermal Management reporting unit, including consideration of market-based inputs such as a market capitalization reconciliation, we determined it was appropriate to measure the fair value of all of our reporting units as of September 30, 2020. There were no significant changes in facts or circumstances that resulted in a change in assumptions between our September 30, 2020 interim impairment assessment date and our October 1, 2020 annual impairment assessment date.

The fair value of each reporting unit is determined using a discounted cash flow analysis and market approach. Determining the fair value of the reporting units required the use of significant judgment, including assumptions about future revenues and expenses, capital expenditures and changes in working capital and discount rates, which are based on our annual operating plan and long-term business plan. These plans take into consideration numerous factors including historical experience, anticipated future economic conditions, including the impacts from the COVID-19 pandemic and growth expectations for the industries and end markets in which the reporting unit participates. The level of judgment and estimation is inherently higher in the current environment considering the uncertainty created by the COVID-19 pandemic. We have evaluated numerous factors and made significant assumptions, which include the severity and duration of the business disruption, the potential impact on customer demand, the timing and degree of economic recovery and ultimately, the combined effect of these assumptions on our future operating results and cash flows. These assumptions are determined over a six year long-term planning period. The six year growth rates for revenues and operating profits vary for each reporting unit being evaluated. Revenues and operating profit beyond 2026 are projected to grow at a perpetual growth rate of 3.0%.

Discount rate assumptions for each reporting unit take into consideration our assessment of risks inherent in the future cash flows of the respective reporting unit and our weighted-average cost of capital. We utilized a discount rate ranging from 11.0% to 12.5% for each reporting unit in determining the discounted cash flows in our fair value analysis.

In estimating fair value using the market approach, we identify a group of comparable publicly-traded companies for each reporting unit that are similar in terms of size and product offering. These groups of comparable companies are used to develop multiples based on total market-based invested capital as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”). We determine our estimated values by applying these comparable EBITDA multiples to the operating results of our reporting units. The ultimate fair value of each reporting unit is determined considering the results of both valuation methods.

38

As a result of this analysis, we recognized a pre-tax, non-cash goodwill impairment expense of $212.3 million related to the Thermal Management reporting unit. Subsequent to the impairment charge recorded in the quarter, the remaining goodwill for the Thermal Management reporting unit was $712.5 million. The impairment resulted in a $21.6 million income tax benefit associated with the proportionate share of tax deductible goodwill.

In connection with the impairment test as of September 30, 2020, the percentage of excess fair value over carrying value of our Electrical & Fastening Solutions reporting unit was approximately 5%.

We did not recognize any goodwill impairment losses in 2019 and 2018.

There is a risk that changes in economic and operating conditions affecting the assumptions used in our impairment tests, including changes due to the evolving nature of the COVID-19 pandemic, could adversely affect future estimates or fair value and result in additional goodwill or other intangible asset impairment expense in the future.

Identifiable intangible assets

Our primary identifiable intangible assets include: customer relationships, trade names, proprietary technologies and patents. Identifiable intangibles with definite lives are amortized and those identifiable intangibles with indefinite lives are not amortized. Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. We complete our annual impairment test during the fourth quarter each year for those identifiable assets not subject to amortization.

Due to the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry discussed above, we determined it was appropriate to measure the fair value of all of our identifiable intangible assets along with our reporting units as of September 30, 2020. There were no significant changes in facts or circumstances that resulted in a change in assumptions between our September 30, 2020 interim impairment assessment date and our October 1, 2020 annual impairment assessment date.

The impairment test for trade names consists of a comparison of the fair value of the trade name with its carrying value. Fair value is measured using the relief-from-royalty method. This method assumes the trade name has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital.

In 2020, we recognized pre-tax, non-cash impairment expense of $8.2 million related to trade names. There was no impairment expense recorded in 2019 or 2018 for identifiable intangible assets.

Pension and other post-retirement plans

We sponsor defined-benefit pension plans and a post-retirement health plan. The defined benefit plans cover certain non-U.S. employees and retirees and the pension benefits are based principally on an employee's years of service and/or compensation levels near retirement.

The amounts recognized in our consolidated and combined financial statements related to our defined-benefit pension and other post-retirement plans are determined from actuarial valuations. Inherent in these valuations are assumptions, including: expected return on plan assets, discount rates and rate of increase in future compensation levels. These assumptions are updated annually and are disclosed for our Direct Plans in ITEM 8, Note 12 to the Notes to Consolidated and Combined Financial Statements. Differences in actual experience or changes in assumptions may affect our pension and other post-retirement obligations and future expense.

We recognize changes in the fair value of plan assets and net actuarial gains or losses for pension and other post-retirement benefits annually in the fourth quarter each year (“mark-to-market adjustment”) and, if applicable, in any quarter in which an interim remeasurement is triggered. Net actuarial gains and losses occur when the actual experience differs from any of the various assumptions used to value our pension and other post-retirement plans or when assumptions change, as they may each year. The primary factors contributing to actuarial gains and losses each year are (1) changes in the discount rate used to value pension and other post-retirement benefit obligations as of the measurement date and (2) differences between the expected and the actual return on plan assets. This accounting method also results in the potential for volatile and difficult to forecast mark-to-market adjustments. Mark-to-market adjustments resulted in a pre-tax charge of $8.7 million, $27.3 million and $7.0 million in 2020, 2019 and 2018, respectively. The remaining components of pension expense, including service and interest costs and estimated return on plan assets, are recorded on a quarterly basis as ongoing pension expense.

39

Discount rates

The discount rate reflects the current rate at which the pension liabilities could be effectively settled at the end of the year based on our December 31 measurement date. The discount rates on our pension plans ranged from 0.00% to 2.75%, 0.25% to 3.25% and 0.50% to 4.25% in 2020, 2019 and 2018, respectively. The discount rates are determined by matching high-quality, fixed-income debt instruments with maturities corresponding to the expected timing of benefit payments as of the annual measurement date for each of the various plans. There are no known or anticipated changes in our discount rate assumptions that will materially impact our pension expense in 2021.

Expected rates of return

The expected rates of return on our pension plan assets ranged from 1.00% to 5.00%, 1.00% to 5.25% and 1.00% to 5.50% in 2020, 2019 and 2018, respectively. The expected rate of return is designed to be a long-term assumption that may be subject to considerable year-to-year variance from actual returns. In developing the expected long-term rate of return, we considered our historical returns, with consideration given to forecasted economic conditions, our asset allocations, input from external consultants and broader long-term market indices. Any difference in the expected rate and actual returns will be included with the actuarial gain or loss recorded in the fourth quarter when our plans are remeasured.

Sensitivity to changes in key assumptions

A 0.25 percentage point change in the discount rates used to measure our pension and other post-retirement benefit plans is estimated to have an impact on our total projected benefit obligation of approximately $12 million. A 0.25 percentage point change in the assumed rate of return on pension assets or discount rates for our pension and other post-retirement benefit plans is estimated to have no material impact on our ongoing 2021 pension expense. These estimates exclude any potential mark-to-market adjustments.

Income taxes

For periods prior to the separation, certain nVent operations were included in the former Parent’s U.S. federal and state income tax returns and substantially all income taxes on those operations have been paid by the former Parent. Income tax expense and other income tax related information contained in these consolidated and combined financial statements for periods prior to the separation are presented on a separate return approach as if nVent filed its own tax returns. Under this approach, the provision for income taxes represented income tax paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year calculated as if nVent was a stand-alone taxpayer filing hypothetical income tax returns where applicable. Current income tax liabilities were assumed to be immediately settled with the former Parent and relieved through the Net Parent investment account and the Net transfers to Parent in the Consolidated and Combined Statements of Cash Flows.

In determining taxable income for financial statement purposes, we must make certain estimates and judgments. These estimates and judgments affect the calculation of certain tax liabilities and the determination of the recoverability of certain of the deferred tax assets, which arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating our ability to recover our deferred tax assets we consider all available positive and negative evidence including our past operating results, the existence of cumulative losses in the most recent years and our forecast of future taxable income. In estimating future taxable income, we develop assumptions including the amount of future pre-tax operating income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates we are using to manage the underlying businesses.

We maintain valuation allowances with respect to our deferred tax assets unless it is more likely than not that all or a portion of such deferred tax assets will be realized. Our income tax expense recorded in the future may be reduced to the extent of decreases in our valuation allowances. The realization of our remaining deferred tax assets is primarily dependent on future taxable income in the appropriate jurisdiction. Any reduction in future taxable income including but not limited to any future restructuring activities may require that we record an additional valuation allowance against our deferred tax assets. An increase in the valuation allowance could result in additional income tax expense in such period and could have a significant impact on our future earnings.

Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management records the effect of a tax rate or law change on nVent’s deferred tax assets and liabilities in the period of enactment. Future tax rate or law changes could have a material effect on nVent’s financial condition, results of operations or cash flows.

40

In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations in a multitude of jurisdictions across our global operations. We perform reviews of our income tax positions on a quarterly basis and accrue for uncertain tax positions. We recognize potential liabilities and record tax liabilities for anticipated tax audit issues in the tax jurisdictions in which we operate based on our estimate of whether, and the extent to which, additional taxes will be due. These tax liabilities are reflected net of related tax loss carryforwards. As events change or resolution occurs, these liabilities are adjusted, such as in the case of audit settlements with taxing authorities. The ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. If our estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If payment of these amounts ultimately proves to be less than the recorded amounts, the reversal of the liabilities would result in tax benefits being recognized in the period when we determine the liabilities are no longer necessary. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is more likely than not to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

41

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the potential economic loss that may result from adverse changes in the fair value of financial instruments. We are exposed to various market risks, including changes in interest rates and foreign currency rates. Periodically, we use derivative financial instruments for the purpose of hedging interest rate and currency exposures. The major accounting policies and utilization of these instruments is described more fully in ITEM 8, Note 1 of the Notes to Consolidated and Combined Financial Statements.

Foreign currency risk

We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. Periodically, we use derivative financial instruments to manage these risks. The functional currencies of our foreign operating locations are generally the local currency in the country of domicile. We manage these operating activities at the local level and revenues, costs, assets and liabilities are generally denominated in local currencies, thereby mitigating the risk associated with changes in foreign exchange. However, our results of operations and assets and liabilities are reported in U.S. dollars and thus will fluctuate with changes in exchange rates between such local currencies and the U.S. dollar.

From time to time, we may enter into foreign currency contracts to hedge certain foreign currency risks. As the majority of our foreign currency contracts have an original maturity date of less than one year, there is no material risk of fluctuations in the value of these contracts. Counterparties to all derivative contracts are major financial institutions. All instruments are entered into for other than trading purposes.

At December 31, 2020 and 2019, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $297.3 million and $268.9 million, respectively. Changes in the fair value of all derivatives are recognized immediately in income unless the derivative qualifies as a hedge of future cash flows. Gains and losses related to a hedge are deferred and recorded in the Consolidated Balance Sheets as a component of Accumulated other comprehensive income (loss) and subsequently recognized in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) when the hedged item affects earnings.

At December 31, 2020 and 2019, we had a gross notional U.S. dollar equivalent amount of $73.5 million and $69.1 million designated as a net investment hedge for a portion of our net investment in our Euro denominated subsidiaries. The hedge is intended to reduce, but will not eliminate, the impact on our financial results of changes in the exchange rate between the Euro and the U.S. dollar. The currency risk related to the net investment hedge is measured by estimating the potential impact of a 10% change in the value of the U.S. dollar relative to the Euro. The rates used to perform this analysis were based on the market exchange rates in effect on December 31, 2020. A 10% appreciation or depreciation of the U.S. dollar relative to the Euro would result in a $6.7 million net increase or a $8.2 million net decrease, respectively, in Accumulated other comprehensive income (loss). However, these increases or decreases in Accumulated other comprehensive income (loss) would be offset by decreases or increases in the hedged net investments on our balance sheet due to currency translation.

Interest rate risk

Our debt portfolio as of December 31, 2020 was comprised of debt denominated in U.S. dollars. The debt portfolio is comprised of approximately 84% fixed-rate debt and 16% variable-rate debt. Changes in interest rates have different impacts on the fixed and variable-rate portions of our debt portfolio. A change in interest rates on the fixed portion of the debt portfolio impacts the fair value, but has no impact on interest incurred or cash flows. A change in interest rates on the variable portion of the debt portfolio impacts the interest incurred and cash flows but does not impact the net financial instrument position.

Based on the fixed-rate debt included in our debt portfolio, as of December 31, 2020, a 100 basis point increase or decrease in interest rates would result in a $44.6 million decrease or a $47.7 million increase in fair value, respectively.

Based on the variable-rate debt included in our debt portfolio as of December 31, 2020, a 100 basis point increase or decrease in interest rates would result in a $1.5 million increase or decrease in interest incurred.

We are also exposed to interest rate risk in connection with the planned issuance of long-term debt. To manage the volatility related to this exposure, we may use forward starting interest rate swap locks to fix a portion of the interest cost associated with anticipated financings. We designate these financial instruments as cash flow hedges at the time the agreements are executed.

42

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management of nVent Electric plc and its subsidiaries (the "Company") is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934. The Company's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company's internal control over financial reporting includes those policies and procedures that (1) pertain to maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of the effectiveness of internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2020. In making this assessment, management used the criteria for effective internal control over financial reporting described in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management believes that, as of December 31, 2020, the Company's internal control over financial reporting was effective based on those criteria.

Our independent registered public accounting firm, Deloitte & Touche LLP, has issued an attestation report on the Company's internal control over financial reporting as of December 31, 2020. That attestation report is set forth immediately following this management report.

Beth A. Wozniak	Sara E. Zawoyski
Chief Executive Officer	Executive Vice President and Chief Financial Officer

43

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

nVent Electric plc

London, United Kingdom

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of nVent Electric plc and subsidiaries (the "Company") as of December 31, 2020, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on the criteria established in Internal Control - Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the financial statements as of and for the year ended December 31, 2020, of the Company and our report dated February 23, 2021 expressed an unqualified opinion on those financial statements and included an emphasis of a matter paragraph regarding the allocation of expenses from Pentair plc for the periods prior to April 30, 2018.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

Minneapolis, Minnesota

February 23, 2021

44

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

nVent Electric plc

London, United Kingdom

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of nVent Electric plc (the "Company") as of December 31, 2020 and 2019, the related consolidated and combined statements of operations and comprehensive income (loss), changes in equity, and cash flows, for each of the three years in the period ended December 31, 2020, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 23, 2021, expressed an unqualified opinion on the Company’s internal control over financial reporting.

Emphasis of a Matter

As described in Note 1, prior to April 30, 2018, the accompanying consolidated and combined financial statements have been derived from the consolidated financial statements and accounting records of Pentair plc. The consolidated and combined financial statements also include expense allocations for certain corporate functions historically provided by Pentair plc. These allocations may not be reflective of the actual expense which would have been incurred had the Company operated as a separate entity apart from Pentair plc during the periods prior to April 30, 2018.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Goodwill - Thermal Management Reporting Unit and Electrical & Fastening Solutions Reporting Unit - Refer to Notes 1 and 6 to the financial statements

Critical Audit Matter Description

The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value. The Company determines the fair value of its reporting units using income and market approaches. The determination of the fair value using an income approach involves the use of a discounted cash flow model that requires

45

management to make significant estimates and assumptions related to future revenues and expenses, projected capital expenditures, changes in working capital and discount rates. The determination of the fair value using the market approach requires management to make significant assumptions related to earnings before interest, taxes, depreciation, and amortization (EBITDA) multiples. The goodwill balance was $2,098 million as of December 31, 2020. An impairment of $212 million was recognized at September 30, 2020 for the Thermal Management reporting unit. No other impairments were recognized related to goodwill as the fair value of the other reporting units exceeded their carrying values as of the measurement date.

Given the significant judgments made by management to estimate the fair value of the reporting units and the difference between their fair value and carrying value, performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to selection of the discount rates, EBITDA multiples, and forecasts of future revenues and operating margins, required a high degree of auditor judgment and an increased extent of effort, including the need to involve fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to significant estimates and assumptions for certain reporting units included the following, among others:

•We tested the effectiveness of controls over goodwill, including those over the underlying assumptions to forecast future revenue and operating margins, the selection of the discount rates, and the selection of the EBITDA multiples.

•We evaluated management’s ability to accurately forecast future revenues and operating margins by comparing actual results to management’s historical forecasts.

•We evaluated the reasonableness of management’s forecasts by comparing the forecasts to (1) historical results, (2) internal communications to management and the Board of Directors, and (3) forecasted information included in Company press releases, analyst and industry reports of the Company and companies in its peer group.

•With the assistance of our fair value specialists, we evaluated the discount rates, including testing the underlying source information and the mathematical accuracy of the calculations, and developing a range of independent estimates and comparing those to the discount rates selected by management.

•With the assistance of our fair value specialists, we evaluated the EBITDA multiples used in estimating fair value, including testing the underlying source information and mathematical accuracy of the calculations, and comparing the multiples selected by management to its guideline companies.

•With the assistance of our fair value specialists, we compared the aggregated fair value estimates of the Company’s reporting units to the Company’s market capitalization and evaluated the implied control premium.

Income Taxes - Uncertain Tax Positions - Refer to Notes 1 and 11 in the financial statements

Critical Audit Matter Description

The Company’s calculation of its tax liabilities involves evaluating uncertainties in the application of complex tax regulations in a multitude of jurisdictions around the world. The Company recognizes liabilities for uncertain tax positions based on their estimate of whether, and the extent to which, additional taxes may be due. The effect of income tax positions is recognized only if those positions are determined to be more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is more likely than not to be realized.

Given the complexity of the tax laws and regulations associated with certain tax positions taken by the Company, auditing management’s estimate of the tax positions to be sustained upon examination required a high degree of auditor judgment and an increased extent of effort, including the need to involve our income tax specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to material tax positions and determination of whether the Company has appropriately considered all changes in fact patterns or tax law when concluding such positions meet the more likely than not criteria included the following, among others:

•We tested the effectiveness of controls over uncertain tax positions.

•With the assistance of income tax specialists, we evaluated the following sources of information for management’s tax positions taken and benefits recognized:

◦Management’s technical tax memorandum and related appendices.

◦Analysis performed by external tax specialists.

46

◦Historical tax return data.

◦Results of audits performed by tax authorities.

•With the assistance of income tax specialists, we assessed management’s conclusion as to whether the recorded tax benefits are more likely than not to be sustained on the basis of their technical merits.

•With the assistance of income tax specialists, we evaluated the reasonableness of management’s estimates of the tax benefit to be recognized by:

◦Evaluating the Company’s analysis of tax regulations and their application to the Company’s particular facts in each relevant jurisdiction.

◦Reviewing changes in tax laws and regulations or their application by the relevant taxing authorities.

◦Evaluating the impact of changes in taxable income, available tax credits, or other economic factors that could affect recorded tax benefits.

◦Assessing conclusions that benefits meet the more likely than not criteria to be realized.

◦Evaluating the appropriateness of the underlying assumptions in management’s estimates.

◦Assessing management's methods and assumptions used in identifying uncertain tax positions.

◦Comparing results of prior tax audits to ongoing and anticipated tax audits by tax authorities.

/s/ Deloitte & Touche LLP

Minneapolis, Minnesota

February 23, 2021

We have served as the Company's auditor since 2017.

47

nVent Electric plc

Consolidated and Combined Statements of Operations and Comprehensive Income (Loss)

	Years ended December 31
In millions, except per-share data	2020		2019		2018
Net sales	$	1,998.6	$	2,204.0	$	2,213.6
Cost of goods sold	1,249.2		1,338.2		1,337.5
Gross profit	749.4		865.8		876.1
Selling, general and administrative	447.0		484.5		519.7
Research and development	43.5		48.2		45.6
Impairment of goodwill and trade names	220.5		—		—
Operating income	38.4		333.1		310.8
Net interest expense	36.4		44.7		31.2
Other expense	11.5		31.0		10.9
Income (loss) before income taxes	(9.5)		257.4		268.7
Provision for income taxes	37.7		34.7		37.9
Net income (loss)	$	(47.2)	$	222.7	$	230.8
Comprehensive income (loss), net of tax
Net income (loss)	$	(47.2)	$	222.7	$	230.8
Changes in cumulative translation adjustment	(3.7)		4.8		(48.2)
Changes in market value of derivative financial instruments, net of tax	7.1		4.4		(2.5)
Comprehensive income (loss)	$	(43.8)	$	231.9	$	180.1
Earnings (loss) per ordinary share
Basic	$	(0.28)	$	1.30	$	1.29
Diluted	$	(0.28)	$	1.29	$	1.28
Weighted average ordinary shares outstanding
Basic	169.6		171.6		178.6
Diluted	169.6		173.0		180.8

See accompanying notes to consolidated and combined financial statements.

48

nVent Electric plc

Consolidated Balance Sheets

	December 31
In millions, except per-share data	2020		2019
Assets
Current assets
Cash and cash equivalents	$	122.5	$	106.4
Accounts and notes receivable, net of allowances of $6.2 and $5.4, respectively	313.8		334.3
Inventories	235.2		244.7
Other current assets	92.9		113.3
Total current assets	764.4		798.7
Property, plant and equipment, net	289.4		284.5
Other assets
Goodwill	2,098.2		2,279.1
Intangibles, net	1,105.5		1,160.5
Other non-current assets	108.6		117.5
Total other assets	3,312.3		3,557.1
Total assets	$	4,366.1	$	4,640.3
Liabilities and Equity
Current liabilities
Current maturities of long-term debt and short-term borrowings	$	20.0	$	17.5
Accounts payable	171.1		187.1
Employee compensation and benefits	70.4		71.9
Other current liabilities	188.5		185.7
Total current liabilities	450.0		462.2
Other liabilities
Long-term debt	928.0		1,047.1
Pension and other post-retirement compensation and benefits	237.9		207.2
Deferred tax liabilities	230.1		237.8
Other non-current liabilities	110.3		93.5
Total liabilities	1,956.3		2,047.8
Commitments and Contingencies (Note 16)
Equity
Ordinary shares $0.01 par value, 400.0 million authorized, 168.2 million and 169.5 million issued at December 31, 2020 and 2019, respectively	1.7		1.7
Additional paid-in capital	2,482.6		2,502.7
Retained earnings	20.7		186.7
Accumulated other comprehensive loss	(95.2)		(98.6)
Total equity	2,409.8		2,592.5
Total liabilities and equity	$	4,366.1	$	4,640.3

See accompanying notes to consolidated and combined financial statements.

49

nVent Electric plc

Consolidated and Combined Statements of Cash Flows

	Years ended December 31
In millions	2020		2019		2018
Operating activities
Net income	$	(47.2)	$	222.7	$	230.8
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation	38.4		35.4		36.2
Amortization	64.2		61.4		60.9
Deferred income taxes	(2.9)		(24.6)		(23.6)
Share-based compensation	13.9		16.1		12.8
Impairment of goodwill and trade names	220.5		—		—
Pension and other post-retirement expense	17.2		36.5		14.9
Pension and other post-retirement contributions	(6.8)		(5.8)		(6.7)
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable	28.3		26.6		(1.3)
Inventories	18.3		0.9		(12.0)
Other current assets	21.5		10.2		7.3
Accounts payable	(18.6)		(7.9)		13.4
Employee compensation and benefits	(4.2)		(6.6)		6.8
Other current liabilities	1.5		(16.9)		27.5
Other non-current assets and liabilities	(0.1)		(11.7)		(23.5)
Net cash provided by (used for) operating activities	344.0		336.3		343.5
Investing activities
Capital expenditures	(40.0)		(38.8)		(39.5)
Proceeds from sale of property and equipment	2.0		6.3		2.4
Acquisitions, net of cash acquired	(27.0)		(127.8)		(2.0)
Net cash provided by (used for) investing activities	(65.0)		(160.3)		(39.1)
Financing activities
Net repayments of short-term borrowings	—		—		(0.3)
Net receipts (repayments) of revolving credit facility	(100.0)		134.6		—
Proceeds from long-term debt	—		—		1,000.0
Repayment of long-term debt	(17.5)		(14.1)		(52.5)
Debt issuance costs	—		—		(9.9)
Cash provided at separation to former Parent	—		—		(993.6)
Dividends paid	(119.0)		(120.7)		(62.9)
Shares issued to employees, net of shares surrendered	7.2		9.5		8.6
Repurchases of ordinary shares	(43.2)		(235.7)		(56.0)
Net cash provided by (used for) financing activities	(272.5)		(226.4)		(166.6)
Effect of exchange rate changes on cash and cash equivalents	9.6		(2.2)		(5.7)
Change in cash and cash equivalents	16.1		(52.6)		132.1
Cash and cash equivalents, beginning of year	106.4		159.0		26.9
Cash and cash equivalents, end of year	$	122.5	$	106.4	$	159.0
Supplemental cash flow information
Cash paid for interest, net	$	47.1	$	52.3	$	34.7
Cash paid for income taxes, net	$	39.2	$	60.8	$	57.4

See accompanying notes to consolidated and combined financial statements.

50

nVent Electric plc

Consolidated and Combined Statements of Changes in Equity

In millions	Ordinary shares			Additional paid-in capital		Retained earnings		Net Parent Investment		Accumulated other comprehensive loss		Total
	Number	Amount
Balance - December 31, 2017	—	$	—	$	—	$	—	$	3,848.4	$	(57.1)	$	3,791.3
Net income	—	—		—		177.3		53.5		—		230.8
Cumulative effect of accounting changes	—	—		—		—		(172.7)				(172.7)
Other comprehensive income (loss), net of tax	—	—		—		—		—		(50.7)		(50.7)
Net transfers from former Parent	—	—		—		—		14.6		—		14.6
Cash provided at separation to former Parent	—	—		—		—		(993.6)		—		(993.6)
Reclassification of Net Parent investment to additional paid-in capital	—	—		2,750.2		—		(2,750.2)		—		—
Issuance of common stock upon separation	178.4	1.8		—		—		—		—		1.8
Dividends declared	—	—		—		(93.9)		—		—		(93.9)
Share repurchases	(2.4)	—		(59.0)		—		—		—		(59.0)
Exercise of options, net of shares tendered for payment	1.0	—		12.1		—		—		—		12.1
Issuance of restricted shares, net of cancellations	0.4	—		—		—		—		—		—
Shares surrendered by employees to pay taxes	(0.2)	—		(3.5)		—		—		—		(3.5)
Share-based compensation	—	—		9.9		—		—		—		9.9
Balance - December 31, 2018	177.2	$	1.8	$	2,709.7	$	83.4	$	—	$	(107.8)	$	2,687.1
Net income	—	—		—		222.7		—		—		222.7
Other comprehensive income, net of tax	—	—		—		—		—		9.2		9.2
Dividends declared	—	—		—		(119.4)		—		—		(119.4)
Share repurchases	(8.9)	(0.1)		(232.6)		—		—		—		(232.7)
Exercise of options, net of shares tendered for payment	0.9	—		13.1		—		—		—		13.1
Issuance of restricted shares, net of cancellations	0.4	—		—		—		—		—		—
Shares surrendered by employees to pay taxes	(0.1)	—		(3.6)		—		—		—		(3.6)
Share-based compensation	—	—		16.1		—		—		—		16.1
Balance - December 31, 2019	169.5	$	1.7	$	2,502.7	$	186.7	$	—	$	(98.6)	$	2,592.5
Net income (loss)	—	—		—		(47.2)		—		—		(47.2)
Other comprehensive income, net of tax	—	—		—		—		—		3.4		3.4
Dividends declared	—	—		—		(118.8)		—		—		(118.8)
Share repurchases	(2.3)	—		(43.2)		—		—		—		(43.2)
Exercise of options, net of shares tendered for payment	0.7	—		11.3		—		—		—		11.3
Issuance of restricted shares, net of cancellations	0.5	—		—		—		—		—		—
Shares surrendered by employees to pay taxes	(0.2)	—		(4.1)		—		—		—		(4.1)
Share-based compensation	—	—		15.9		—		—		—		15.9
Balance - December 31, 2020	168.2	$	1.7	$	2,482.6	$	20.7	$	—	$	(95.2)	$	2,409.8

See accompanying notes to consolidated and combined financial statements.

51

nVent Electric plc

Notes to consolidated and combined financial statements

1.Basis of Presentation and Summary of Significant Accounting Policies

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 now an independent publicly-traded company and began "regular way" trading under the symbol "NVT" on the New York Stock Exchange on May 1, 2018.

Except where indicated, references below to transactions completed by nVent prior to April 30, 2018 refer to transactions completed by or on behalf of the Electrical reporting segment of the former Parent that are reflected on the consolidated and combined financial statements of nVent.

Basis of presentation

The consolidated and combined financial statements have been prepared in U.S. dollars ("USD") and in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Intercompany accounts and transactions have been eliminated.

The financial statements for periods prior to April 30, 2018 were prepared on a stand-alone basis derived from the consolidated financial statements and records of the former Parent as if nVent were operated on a stand-alone basis.

Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year.

Cost allocations

For periods prior to the separation, the consolidated and combined financial statements of nVent include general corporate expenses of the former Parent for certain support functions that were provided on a centralized basis, such as expenses related to executive management, finance, audit, legal, information technology, human resources, communications, facilities and employee benefits and compensation. These general corporate expenses are included in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) within Selling, general and administrative and Other expense. The amount allocated was $42.5 million for the year ended December 31, 2018, of which $10.3 million was historically recorded to the Electrical segment in the former Parent’s consolidated financial statements. These expenses were allocated to nVent on the basis of direct usage when identifiable, with the remainder allocated based on a proportional basis of net sales, headcount or other measures.

The Company considers the allocation methodology regarding general corporate expenses of the former Parent to be reasonable for all periods presented. Nevertheless, the consolidated and combined financial statements of nVent for periods prior to the separation may not reflect the actual expenses that would have been incurred and may not reflect nVent’s consolidated and combined results of operations, financial position and cash flows had it been a stand-alone company during the periods presented. Actual costs for periods prior to the separation that would have been incurred if nVent had been a stand-alone company would depend on multiple factors including organization structure, capital structure and strategic decisions made in various areas, including information technology and infrastructure. Transactions between nVent and the former Parent have been included in related party transactions in these consolidated and combined financial statements and were considered to be effectively settled at the time the transaction was recorded. The total net effect of the settlement of these transactions is reflected in the Consolidated and Combined Statements of Cash Flows as a financing activity.

52

nVent Electric plc

Notes to consolidated and combined financial statements

For periods prior to the separation, certain nVent operations were included in the former Parent's U.S. federal and state income tax returns and substantially all income taxes on those operations have been paid by the former Parent. Income tax expense and other income tax related information contained in these consolidated and combined financial statements for periods prior to the separation are presented on a separate return approach as if nVent filed its own tax returns. Under this approach, the provision for income taxes represented income tax paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year calculated as if nVent was a stand-alone taxpayer filing hypothetical income tax returns where applicable. Current income tax liabilities were assumed to be immediately settled with the former Parent and relieved through the Net Parent investment account and the Net transfers to former Parent in the Consolidated and Combined Statements of Cash Flows.

Fiscal year

Our fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis.

Use of estimates

The preparation of our consolidated and combined financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these consolidated and combined financial statements and accompanying notes, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for valuation of goodwill and indefinite lived intangible assets, estimated losses on accounts receivable, estimated realizable value on excess and obsolete inventory, percentage of completion revenue recognition, assets acquired and liabilities assumed in acquisitions, contingent liabilities, income taxes and pension and other post-retirement benefits. Actual results could differ from our estimates.

Revenue recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those goods or providing services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

When determining whether the customer has obtained control of the goods or services, we consider any future performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in Accounting Standards Codification 606 - Revenue from Contracts with Customers. Generally, there is no post-shipment obligation on product sold other than warranty obligations in the normal and ordinary course of business.

Contract transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. For contracts with multiple performance obligations, stand-alone selling price is generally readily observable.

Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time accounted for 75%, 73% and 72% of our revenue for the years ended December 31, 2020, 2019 and 2018, respectively. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied; generally this occurs with the transfer of control upon shipment.

Revenue from products and services transferred to customers over time accounted for 25%, 27% and 28% of our revenue for the years ended December 31, 2020, 2019 and 2018, respectively. For the majority of our revenue recognized over time, we use an input measure to determine progress towards completion. Under this method, sales and gross profit are recognized as work is performed generally based on the relationship between the actual costs incurred and the total estimated costs at completion ("the cost-to-cost method") or based on efforts for measuring progress towards completion in situations in which this approach is more representative of the progress on the contract than the cost-to-cost method. Contract costs include labor, material, overhead and, when appropriate, general and administrative expenses. Changes to the original estimates may be required during the life of the contract and such estimates are reviewed on a regular basis. Sales and gross profit are adjusted using the cumulative catch-up method for revisions in estimated total contract costs. These reviews have not resulted in adjustments that were significant to our results of operations. For performance obligations related to long-term contracts, when estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined.

We use an output method to measure progress towards completion for certain of our Enclosures businesses, as this method appropriately depicts performance towards satisfaction of the performance obligation. Under the output method, revenue is recognized based on number of units produced.

53

nVent Electric plc

Notes to consolidated and combined financial statements

We apply a practical expedient to expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. These costs primarily relate to sales commissions and are recorded in Selling, general and administrative in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Further, we do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be less than one year.

Sales returns

The right of return may exist explicitly or implicitly with our customers. Our return policy allows for customer returns only upon our authorization. Goods returned must be product we continue to market and must be in salable condition. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns based on historical sales levels, the timing and magnitude of historical sales return levels as a percent of sales, type of product, type of customer and a projection of this experience into the future.

Pricing and sales incentives

Our sales contracts may give customers the option to purchase additional goods or services priced at a discount. This can come in many forms, such as customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives.

We reduce the transaction price for certain customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives that represent variable consideration. Sales incentives given to our customers are recorded using either the expected value method or most likely amount approach for estimating the amount of consideration to which nVent shall be entitled. The expected value is the sum of probability-weighted amounts in a range of possible consideration amounts. An expected value is an appropriate estimate of the amount of variable consideration when there are a large number of contracts with similar characteristics. The most likely amount is the single most likely amount in a range of possible consideration amounts (that is, the single most likely outcome of the contract). The most likely amount is an appropriate estimate of the amount of variable consideration if the contract has limited possible outcomes (for example, an entity either achieves a performance bonus or does not).

Pricing is established at or prior to the time of sale with our customers and we record sales at the agreed-upon net selling price. However, certain of our businesses allow customers to apply for a refund of a percentage of the original purchase price if they can demonstrate sales to a qualifying end customer. We use the expected value method to estimate the anticipated refund to be paid based on historical experience and the transaction price is reduced for the probable cost of the discount.

Volume-based incentives involve rebates that are negotiated at or prior to the time of sale with the customer and are redeemable only if the customer achieves a specified cumulative level of sales or sales increase. Under these incentive programs, at the time of sale, we estimate the anticipated rebate to be paid based on forecasted sales levels. These forecasts are updated at least quarterly for each customer and the transaction price is reduced for the anticipated cost of the rebate. If the forecasted sales for a customer changes, the accrual for rebates is adjusted to reflect the new amount of rebates expected to be earned by the customer.

Shipping and handling costs

Amounts billed to customers for shipping and handling activities after the customer obtains control are treated as a promised service performance obligation and recorded in Net sales in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Shipping and handling costs incurred by nVent for the delivery of goods to customers are considered a cost to fulfill the contract and are included in Cost of goods sold in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss).

Contract assets and liabilities

Contract assets consist of unbilled amounts resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, such as when the customer retains a small portion of the contract price until completion of the contract. We typically receive interim payments on sales under long-term contracts as work progresses, although for some contracts, we may be entitled to receive an advance payment. Contract liabilities consist of advanced payments and billings in excess of costs incurred and deferred revenue.

Contract assets are recorded within Other current assets and contract liabilities are recorded within Other current liabilities in the Consolidated Balance Sheets.

Research and development

We conduct research and development (“R&D”) activities in our own facilities, which consist primarily of the development of new products, product applications and manufacturing processes.

54

nVent Electric plc

Notes to consolidated and combined financial statements

Cash equivalents

We consider highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents.

Trade receivables and concentration of credit risk

We record an allowance for doubtful accounts to reduce our receivables balance by the amount that is estimated to be uncollectible from our customers, or the expected loss. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, including write-offs and recoveries, periodic credit evaluations of our customers' financial situation, and current circumstances as well as reasonable and supportable forecasts of future economic conditions. We generally do not require collateral. No customer receivable balances exceeded 10% of total net receivable balances as of December 31, 2020 or 2019.

Inventories

Inventories are stated at the lower of cost or net realizable value with substantially all inventories recorded using the first-in, first-out ("FIFO") cost method.

Property, plant and equipment, net

Property, plant and equipment is stated at historical cost. We compute depreciation by the straight-line method based on the following estimated useful lives:

	Years
Land improvements	5 to 20
Buildings and leasehold improvements	5 to 50
Machinery and equipment	3 to 15

Significant improvements that add to productive capacity or extend the lives of properties are capitalized. Costs for repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the recorded cost of the assets and their related accumulated depreciation are removed from the Consolidated Balance Sheets and any related gains or losses are included in income.

We review the recoverability of long-lived assets to be held and used, such as property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset or asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. Impairment losses on long-lived assets held for sale are determined in a similar manner, except that fair values are reduced for the cost to dispose of the assets. The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets. We recorded no material impairment charges in 2020, 2019 or 2018.

The following table presents geographic Property, plant and equipment, net by region as of December 31:

In millions	2020		2019
U.S. & Canada	$	159.0	$	160.7
Mexico	39.6		42.1
EMEA (1)	78.8		75.0
Rest of World (2)	12.0		6.7
Consolidated	$	289.4	$	284.5
(1) EMEA includes Europe, Middle East and Africa
(2) Rest of World includes Latin America and Asia-Pacific

Goodwill and identifiable intangible assets

Goodwill

Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible net assets and identifiable intangible assets purchased and liabilities assumed.

55

nVent Electric plc

Notes to consolidated and combined financial statements

Goodwill is tested annually for impairment and is tested for impairment more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test is performed by comparing the fair value of each reporting unit with its carrying amount, and recognizing 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.

As a result of the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry, we concluded a triggering event occurred during the third quarter of 2020 for our Thermal Management reporting unit requiring an impairment test as of September 30, 2020. In order to perform the goodwill impairment test for the Thermal Management reporting unit, including consideration of market-based inputs such as a market capitalization reconciliation, we determined it was appropriate to measure the fair value of all of our reporting units as of September 30, 2020. There were no significant changes in facts or circumstances that resulted in a change in assumptions between our September 30, 2020 interim impairment assessment date and our October 1, 2020 annual impairment assessment date.

The fair value of each reporting unit is determined using a discounted cash flow analysis and market approach. Determining the fair value of the reporting units required the use of significant judgment, including assumptions about future revenues and expenses, capital expenditures and changes in working capital and discount rates, which are based on our annual operating plan and long-term business plan. These plans take into consideration numerous factors including historical experience, anticipated future economic conditions, including the impacts from the COVID-19 pandemic and growth expectations for the industries and end markets in which the reporting unit participates. The level of judgment and estimation is inherently higher in the current environment considering the uncertainty created by the COVID-19 pandemic. We have evaluated numerous factors and made significant assumptions, which include the severity and duration of the business disruption, the potential impact on customer demand, the timing and degree of economic recovery and ultimately, the combined effect of these assumptions on our future operating results and cash flows. Inputs used to estimate these fair values included significant unobservable inputs that reflect the Company’s assumptions about the inputs that market participants would use and, therefore, the fair value assessments are classified within Level 3 of the fair value hierarchy defined by the accounting guidance.

In estimating fair value using the market approach, we identify a group of comparable publicly-traded companies for each reporting unit that are similar in terms of size and product offering. These groups of comparable companies are used to develop multiples based on total market-based invested capital as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”). We determine our estimated values by applying these comparable EBITDA multiples to the operating results of our reporting units. The ultimate fair value of each reporting unit is determined considering the results of both valuation methods.

As a result of this analysis, in the third quarter of 2020 we recognized a pre-tax, non-cash goodwill impairment expense of $212.3 million related to the Thermal Management reporting unit. Subsequent to the impairment expense recorded in the quarter, the remaining goodwill for the Thermal Management reporting unit was $712.5 million. The impairment resulted in a $21.6 million income tax benefit associated with the proportionate share of tax deductible goodwill. The impairment expense is included in Impairment of goodwill and trade names on the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). There was no impairment expense recorded in 2019 and 2018 related to goodwill.

Identifiable intangible assets

Our primary identifiable intangible assets include customer relationships, trade names, proprietary technologies and patents. Identifiable intangibles with definite lives are amortized and those identifiable intangibles with indefinite lives are not amortized. Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. We complete our annual impairment test during the fourth quarter each year for those identifiable assets not subject to amortization.

Due to the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry discussed above, we determined it was appropriate to measure the fair value of all of our identifiable intangible assets along with our reporting units as of September 30, 2020. There were no significant changes in facts or circumstances that resulted in a change in assumptions between our September 30, 2020 interim impairment assessment date and our October 1, 2020 annual impairment assessment date.

The impairment test for trade names consists of a comparison of the fair value of the trade name with its carrying value. Fair value is measured using the relief-from-royalty method. This method assumes the trade name has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the

56

nVent Electric plc

Notes to consolidated and combined financial statements

future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital. The non-recurring fair value measurement is a Level 3 measurement under the fair value hierarchy described below.

In 2020, we recognized a pre-tax, non-cash impairment expense of $8.2 million related to trade names. The impairment expense was recorded in Impairment of goodwill and trade names in our Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). There were no impairment expense recorded in 2019 or 2018 related to identifiable intangible assets.

Income taxes

We use the asset and liability approach to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. We maintain valuation allowances unless it is more likely than not that all or a portion of the deferred tax assets will be realized. Changes in valuation allowances from period to period are included in our tax provision in the period of change. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is more likely than not to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Pension and other post-retirement plans

We sponsor defined-benefit pension plans and a post-retirement health plan. The pension and other post-retirement benefit costs for these plans are determined from actuarial assumptions and methodologies, including discount rates and expected returns on plan assets. These assumptions are updated annually and are disclosed in Note 12.

For periods prior to the separation, certain nVent employees participated in defined benefit pension plans and post-retirement health plans sponsored by the former Parent. For purposes of these consolidated and combined financial statements, nVent accounted for these plans as multi-employer benefit plans. Accordingly, nVent did not record an asset or liability to recognize the funded status of these plans. However, nVent did record its share of the allocated expense, including net actuarial gains or losses described below.

We recognize changes in the fair value of plan assets and net actuarial gains or losses for pension and other post-retirement benefits annually in the fourth quarter each year (“mark-to-market adjustment”) and, if applicable, in any quarter in which an interim remeasurement is triggered. Net actuarial gains and losses occur when the actual experience differs from any of the various assumptions used to value our pension and other post-retirement plans or when assumptions change, as they may each year. The remaining components of pension expense, including service and interest costs and estimated return on plan assets, are recorded on a quarterly basis.

Earnings (loss) per ordinary share

Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding. Diluted earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding including the dilutive effects of ordinary share equivalents.

Derivative financial instruments

We recognize all derivatives, including those embedded in other contracts, as either assets or liabilities at fair value in our Consolidated Balance Sheets. If the derivative is designated and is effective as a cash-flow hedge, the effective portion of changes in the fair value of the derivative are recorded in Accumulated other comprehensive income (loss) ("AOCI") as a separate component of equity in the Consolidated Balance Sheets and are recognized in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) when the hedged item affects earnings. For a derivative that is not designated as or does not qualify as a hedge, changes in fair value are reported in earnings immediately.

Gains and losses on net investment hedges are included in AOCI as a separate component of equity in the Consolidated Balance Sheets.

We use derivative instruments for the purpose of hedging interest rate and currency exposures, which exist as part of ongoing business operations. We do not hold or issue derivative financial instruments for trading or speculative purposes. All other contracts that contain provisions meeting the definition of a derivative also meet the requirements for the normal purchases and normal sales scope exception. Our policy is not to enter into contracts with terms that cannot be designated as normal purchases or sales. From time to time, we may enter into short duration foreign currency contracts to hedge foreign currency risks.

57

nVent Electric plc

Notes to consolidated and combined financial statements

Fair value measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date:

Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets.

Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

Foreign currency translation

The financial statements of subsidiaries located outside of the U.S. are generally measured using the local currency as the functional currency, except for certain corporate entities outside of the U.S. which are measured using USD. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date. Income and expense items are translated at average monthly rates of exchange. The resultant translation adjustments are included in AOCI as a separate component of equity.

Adoption of new accounting standards

On January 1, 2019, we adopted Accounting Standards Update ("ASU") No. 2016-02, “Leases” using the alternative transition method and did not recast comparative periods in transition to the new standard. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification. We also elected to apply the practical expedient to not separate non-lease components from the lease components for all leases. Accordingly, all costs associated with a lease contract are accounted for as lease cost. In addition, we did not elect to apply the hindsight practical expedient. Adoption of the new standard resulted in the recording of additional right-of-use assets and lease liabilities of $44.2 million, as of January 1, 2019. The adoption of the standard did not have a material impact on our Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) or our Consolidated and Combined Statements of Cash Flows. We implemented internal controls and key system functionality to enable the preparation of financial information upon adoption.

Effective January 1, 2020, we adopted ASU 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.

58

nVent Electric plc

Notes to consolidated and combined financial statements

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:

	Year ended December 31, 2020
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	618.7	$	416.1	$	260.2	$	1,295.0
Developed Europe (1)	238.2		104.8		128.7		471.7
Developing (2)	82.3		33.3		74.1		189.7
Other Developed (3)	13.7		14.9		13.6		42.2
Total	$	952.9	$	569.1	$	476.6	$	1,998.6

	Year ended December 31, 2019
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	715.5	$	414.7	$	351.9	$	1,482.1
Developed Europe (1)	212.5		109.3		136.3		458.1
Developing (2)	92.5		42.0		87.7		222.2
Other Developed (3)	13.3		13.6		14.7		41.6
Total	$	1,033.8	$	579.6	$	590.6	$	2,204.0

	Year ended December 31, 2018
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	704.3	$	397.8	$	351.4	$	1,453.5
Developed Europe (1)	202.7		110.8		174.4		487.9
Developing (2)	101.0		47.1		80.9		229.0
Other Developed (3)	11.7		15.0		16.5		43.2
Total	$	1,019.7	$	570.7	$	623.2	$	2,213.6
(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:

	Year ended December 31, 2020
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	582.2	$	110.2	$	183.3	$	875.7
Commercial & Residential	111.1		322.0		172.7		605.8
Energy	85.8		60.3		114.3		260.4
Infrastructure	173.8		76.6		6.3		256.7
Total	$	952.9	$	569.1	$	476.6	$	1,998.6

59

nVent Electric plc

Notes to consolidated and combined financial statements

	Year ended December 31, 2019
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	623.2	$	114.7	$	240.4	$	978.3
Commercial & Residential	113.2		338.1		186.2		637.5
Energy	103.4		55.2		155.5		314.1
Infrastructure	194.0		71.6		8.5		274.1
Total	$	1,033.8	$	579.6	$	590.6	$	2,204.0

	Year ended December 31, 2018
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	626.1	$	112.7	$	263.0	$	1,001.8
Commercial & Residential	87.5		329.7		187.7		604.9
Energy	103.4		52.1		166.9		322.4
Infrastructure	202.7		76.2		5.6		284.5
Total	$	1,019.7	$	570.7	$	623.2	$	2,213.6

Contract balances

Contract assets and liabilities consisted of the following:

In millions	December 31, 2020		December 31, 2019		$ Change		% Change
Contract assets	$	45.6	$	69.4	$	(23.8)	(34.3	%)
Contract liabilities	11.3		13.7		(2.4)		(17.5	%)
Net contract assets	$	34.3	$	55.7	$	(21.4)	(38.4	%)

In millions	December 31, 2019		December 31, 2018		$ Change		% Change
Contract assets	$	69.4	$	74.4	$	(5.0)	(6.7	%)
Contract liabilities	13.7		13.2		0.5		3.8	%
Net contract assets	$	55.7	$	61.2	$	(5.5)	(9.0	%)

The $21.4 million and the $5.5 million decreases in net contract assets in 2020 and 2019, respectively, were primarily the result of timing of milestone payments. The majority of our contract liabilities at December 31, 2019 and 2018 were recognized in revenue as of December 31, 2020 and December 31, 2019, respectively. There were no material impairment losses recognized on our contract assets for the twelve months ended December 31, 2020 and 2019.

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 December 31, 2020, we had $86.3 million of remaining performance obligations on contracts with 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 2020, 2019 and 2018, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Additionally in 2020, we initiated certain actions in response to the decrease in expected demand attributed to the effects 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 years ended December 31, 2020, 2019 and 2018 included a reduction in hourly and salaried headcount of approximately 500, 400 and 50 employees, respectively.

60

nVent Electric plc

Notes to consolidated and combined financial statements

Restructuring related costs included in Selling, general and administrative in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) included costs for severance and other restructuring costs as follows:

	Years ended December 31
In millions	2020		2019		2018
Severance and related costs	$	15.0	$	19.6	$	7.3
Other	2.7		2.3		0.4
Total restructuring costs	$	17.7	$	21.9	$	7.7

Other restructuring costs primarily consist of asset impairment and various contract termination costs.

Restructuring costs by reportable segment were as follows:

	Years ended December 31
In millions	2020		2019		2018
Enclosures	$	8.5	$	5.3	$	1.3
Electrical & Fastening Solutions	1.0		2.2		1.9
Thermal Management	6.2		6.6		2.8
Other	2.0		7.8		1.7
Consolidated	$	17.7	$	21.9	$	7.7

Activity related to accrued severance and related costs recorded in Other current liabilities in the Consolidated Balance Sheets is summarized as follows:

	Years ended December 31
In millions	2020		2019
Beginning balance	$	9.5	$	3.8
Costs incurred	15.0		19.6
Cash payments and other	(17.9)		(13.9)
Ending balance	$	6.6	$	9.5

4.Earnings (Loss) Per Share

Basic and diluted earnings (loss) per share were calculated as follows:

	Years ended December 31
In millions, except per share data	2020		2019		2018
Net income (loss)	$	(47.2)	$	222.7	$	230.8
Weighted average ordinary shares outstanding
Basic	169.6		171.6		178.6
Dilutive impact of stock options, restricted stock units and performance share units	—		1.4		2.2
Diluted	169.6		173.0		180.8
Earnings (loss) per ordinary share
Basic earnings (loss) per ordinary share	$	(0.28)	$	1.30	$	1.29
Diluted earnings (loss) per ordinary share	$	(0.28)	$	1.29	$	1.28
Anti-dilutive stock options excluded from the calculation of diluted earnings (loss) per share	4.2		2.1		1.0

As a result of the Company’s net loss during the year ended December 31, 2020, 0.7 million of outstanding stock options, restricted stock units and performance share units were not included in the computation of diluted earnings (loss) per share because the effect would have been anti-dilutive.

61

nVent Electric plc

Notes to consolidated and combined financial statements

5. Acquisitions

On August 30, 2019, we completed the acquisition of Eldon Holding AB ("Eldon") for $127.8 million, net of cash acquired. Eldon, now part of our Enclosures segment, is an innovative European based manufacturer of enclosures that protect sensitive electrical, electronic and data and telecommunications components.

The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $51.2 million, none of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $46.7 million of definite-lived customer relationships with an estimated useful life of 17 years.

On February 10, 2020, we acquired substantially all of the assets of WBT LLC ("WBT") for $29.9 million in cash. The U.S. based WBT business manufactures high-quality cable tray systems that will be marketed as part of the nVent CADDY product line within our Electrical and Fastening Solutions segment and nVent HOFFMAN product line within our Enclosures segment.

The excess purchase price over tangible net assets and identified intangible assets acquired has been preliminarily allocated to goodwill in the amount of $13.7 million, substantially all of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $11.3 million of definite-lived customer relationships with an estimated useful life of 12 years.

The pro forma impact of these acquisitions is not material.

62

nVent Electric plc

Notes to consolidated and combined financial statements

6.    Goodwill and Other Identifiable Intangible Assets

The changes in the carrying amount of goodwill by reportable segment were as follows:

In millions	December 31, 2019		Acquisitions/ divestitures		Impairment		Foreign currency translation/other		December 31, 2020
Enclosures	$	315.4	$	6.4	$	—	$	10.3	$	332.1
Electrical & Fastening Solutions	1,038.2		13.7		—		—		1,051.9
Thermal Management	925.5		—		(212.3)		1.0		714.2
Total goodwill	$	2,279.1	$	20.1	$	(212.3)	$	11.3	$	2,098.2

In millions	December 31, 2018		Acquisitions/ divestitures		Impairment		Foreign currency translation/other		December 31, 2019
Enclosures	$	272.0	$	45.1	$	—	$	(1.7)	$	315.4
Electrical & Fastening Solutions	1,038.2		—		—		—		1,038.2
Thermal Management	924.1		—		—		1.4		925.5
Total goodwill	$	2,234.3	$	45.1	$	—	$	(0.3)	$	2,279.1

In 2020, we recognized pre-tax, non-cash impairment expense of $212.3 million related to goodwill in the Thermal Management reporting unit. There was no impairment expense recorded in 2019 or 2018 related to goodwill.

Identifiable intangible assets consisted of the following at December 31:

	2020						2019
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,214.5	$	(389.6)	$	824.9	$	1,197.9	$	(326.1)	$	871.8
Proprietary technologies and patents	16.3		(8.8)		7.5		14.8		(7.4)		7.4
Total definite-life intangibles	1,230.8		(398.4)		832.4		1,212.7		(333.5)		879.2
Indefinite-life intangibles
Trade names	273.1		—		273.1		281.3		—		281.3
Total intangibles	$	1,503.9	$	(398.4)	$	1,105.5	$	1,494.0	$	(333.5)	$	1,160.5

Identifiable intangible asset amortization expense in 2020, 2019 and 2018 was $64.2 million, $61.4 million and $60.9 million, respectively. In 2020, we recognized pre-tax, non-cash impairment expense of $8.2 million related to trade names. There was no impairment expense recorded in 2019 or 2018 related to trade names.

Estimated future amortization expense for identifiable intangible assets during the next five years is as follows:

In millions	2021		2022		2023		2024		2025
Estimated amortization expense	$	63.4	$	63.3	$	63.1	$	62.5	$	62.5

63

nVent Electric plc

Notes to consolidated and combined financial statements

7.Supplemental Balance Sheet Information

	December 31
In millions	2020		2019
Inventories
Raw materials and supplies	$	67.3	$	67.1
Work-in-process	24.4		25.6
Finished goods	143.5		152.0
Total inventories	$	235.2	$	244.7
Other current assets
Contract assets	$	45.6	$	69.4
Prepaid expenses	29.8		32.5
Prepaid income taxes	13.4		9.0
Other current assets	4.1		2.4
Total other current assets	$	92.9	$	113.3
Property, plant and equipment, net
Land and land improvements	$	41.0	$	40.6
Buildings and leasehold improvements	185.5		181.6
Machinery and equipment	461.4		440.4
Construction in progress	30.3		16.5
Total property, plant and equipment	718.2		679.1
Accumulated depreciation and amortization	428.8		394.6
Total property, plant and equipment, net	$	289.4	$	284.5
Other non-current assets
Deferred compensation plan assets	$	20.0	$	17.3
Lease right-of-use assets	45.6		44.2
Deferred tax assets	29.8		40.9
Other non-current assets	13.2		15.1
Total other non-current assets	$	108.6	$	117.5
Other current liabilities
Dividends payable	$	29.4	$	29.7
Accrued rebates	40.5		44.1
Contract liabilities	11.3		13.7
Accrued taxes payable	32.8		24.8
Current lease liabilities	14.2		14.7
Other current liabilities	60.3		58.7
Total other current liabilities	$	188.5	$	185.7
Other non-current liabilities
Income taxes payable	$	31.7	$	31.9
Deferred compensation plan liabilities	20.0		17.3
Non-current lease liabilities	35.7		33.7
Other non-current liabilities	22.9		10.6
Total other non-current liabilities	$	110.3	$	93.5

64

nVent Electric plc

Notes to consolidated and combined financial statements

8. Accumulated Other Comprehensive Income (Loss)

Components of AOCI consist of the following at December 31:

In millions	2020		2019
Cumulative translation adjustments	$	(104.2)	$	(100.5)
Change in market value of derivative financial instruments, net of tax	9.0		1.9
Accumulated other comprehensive income (loss)	$	(95.2)	$	(98.6)

9.Debt

Debt and the average interest rates on debt outstanding were as follows:

In millions	Average interest rate at	Maturity year	December 31
	December 31, 2020		2020		2019
Revolving credit facility	1.520%	2023	$	34.6	$	134.6
Senior notes - fixed rate	3.950%	2023	300.0		300.0
Senior notes - fixed rate	4.550%	2028	500.0		500.0
Term loan facility	1.520%	2023	117.5		135.0
Unamortized issuance costs and discounts	N/A	N/A	(4.1)		(5.0)
Total debt			948.0		1,064.6
Less: Current maturities and short-term borrowings			(20.0)		(17.5)
Long-term debt			$	928.0	$	1,047.1

Senior notes

In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $300.0 million aggregate principal amount of 3.950% senior notes due 2023 (the "2023 Notes") and $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes" and, collectively with the 2023 Notes, the "Notes"). Interest on the Notes is payable semi-annually in arrears on April 15 and October 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.

65

nVent Electric plc

Notes to consolidated and combined financial statements

Senior credit facilities

In March 2018, nVent Finance entered into a credit agreement with a syndicate of banks providing for a five-year $200.0 million senior unsecured term loan facility (the "Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the Term Loan Facility, the "Senior Credit Facilities"). We have 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. Total availability under the Revolving Credit Facility was $565.4 million as of December 31, 2020.

Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities, 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 to exceed 3.75 to 1.00 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 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 December 31, 2020, 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 December 31, 2020, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:

In millions	2021		2022		2023		2024		2025		Thereafter		Total
Contractual debt obligation maturities	$	20.0	$	20.0	$	412.1	$	—	$	—	$	500.0	$	952.1

10.Derivatives and Financial Instruments

Derivative financial instruments

We are exposed to market risk related to changes in foreign currency exchange rates. To manage the volatility related to this exposure, we periodically enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency exchange rates. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality.

Foreign currency contracts

We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. We manage our economic and transaction exposure to certain market-based risks through the use of foreign currency derivative financial instruments. Our objective in holding these derivatives is to reduce the volatility in net earnings and cash flows associated with changes in foreign currency rates. The majority of our foreign currency contracts have an original maturity date of less than one year.

At December 31, 2020 and 2019, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $41.8 million and $34.5 million, respectively. The impact of these contracts on the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) was not material for any period presented.

Cross currency swaps

At December 31, 2020 and 2019, we had outstanding cross currency swap agreements with a combined notional amount of $329.0 million and $303.5 million, respectively. The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedge, to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. At December 30, 2020 and 2019, we had deferred foreign currency gains of $6.9 million and $1.9 million, respectively, in Accumulated other comprehensive loss associated with our cross currency swap activity.

66

nVent Electric plc

Notes to consolidated and combined financial statements

Interest rate swaps

We are also exposed to interest rate risk fluctuations in connection with the planned issuance of long-term debt. To manage the volatility related to this exposure, we may use forward starting interest rate swaps to fix a portion of the interest cost associated with anticipated future financings. In 2020, we entered into a forward starting interest rate swap to hedge the variability of cash flows attributable to changes in the benchmark swap interest rate (London Inter-Bank Offer Rate) associated with the anticipated refinancing of the 2023 Notes. The interest rate swap contract has a notional amount of $200 million and is expected to mature in 2023. The interest rates swaps are accounted for as cash flow hedges since they hedge the risk of an increase in treasury rates for the forecasted interest payments of an anticipated fixed-rate debt issuance. The impact of this contract on the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) was not material for any period presented.

Fair value of financial instruments

The following methods were used to estimate the fair values of each class of financial instrument:

•short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts and notes payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period;

•long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance;

•foreign currency contract and interest rate swap agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are observable inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and

•deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the accounting guidance; fair value of common/collective trusts are valued at net asset value ("NAV"), which is based on the fair value of the underlying securities owned by the fund divided by the number of shares outstanding.

67

nVent Electric plc

Notes to consolidated and combined financial statements

The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, at December 31 were as follows:

	2020				2019
In millions	Recorded Amount		Fair Value		Recorded Amount		Fair Value
Variable rate debt	$	152.1	$	152.1	$	269.6	$	269.6
Fixed rate debt	800.0		915.2		800.0		863.5
Total debt	$	952.1	$	1,067.3	$	1,069.6	$	1,133.1

Financial assets and liabilities measured at fair value on a recurring basis at December 31 were as follows:

Recurring fair value measurements	2020
In millions	Level 1		Level 2		Level 3		NAV		Total
Foreign currency contract liabilities	$	—	$	(14.3)	$	—	$	—	$	(14.3)
Foreign currency contract assets	—		0.9		—		—		0.9
Interest rate swap assets	—		2.1		—		—		2.1
Deferred compensation plan assets	15.6		—		—		4.4		20.0
Total recurring fair value measurements	$	15.6	$	(11.3)	$	—	$	4.4	$	8.7

Recurring fair value measurements	2019
In millions	Level 1		Level 2		Level 3		NAV		Total
Foreign currency contract liabilities	$	—	$	(3.4)	$	—	$	—	$	(3.4)
Foreign currency contract assets	—		7.6		—		—		7.6
Deferred compensation plan assets	12.8		—		—		4.5		17.3
Total recurring fair value measurements	$	12.8	$	4.2	$	—	$	4.5	$	21.5

68

nVent Electric plc

Notes to consolidated and combined financial statements

11. Income Taxes

Income (loss) before income taxes consisted of the following:

	Years ended December 31
In millions	2020		2019		2018
Federal (1)	$	(1.7)	$	(21.1)	$	(20.4)
International (2)	(7.8)		278.5		289.1
Income (loss) before income taxes	$	(9.5)	$	257.4	$	268.7

(1)"Federal" reflects U.K. income (loss) before income taxes.

(2)"International" reflects non-U.K. income (loss) before income taxes.

The provision for income taxes consisted of the following:

	Years ended December 31
In millions	2020		2019		2018
Currently payable
International (1)	51.8		55.6		47.0
Total current taxes	51.8		55.6		47.0
Deferred
Federal (2)	$	0.2	$	—	$	—
International (1)	(14.3)		(20.9)		(9.1)
Total deferred taxes	(14.1)		(20.9)		(9.1)
Total provision for income taxes	$	37.7	$	34.7	$	37.9

(1)"International" represents non-U.K. taxes.

(2)"Federal" represents U.K. taxes.

Reconciliations of the federal statutory income tax rate to our effective tax rate were as follows:

	Years ended December 31
Percentages	2020		2019		2018
Federal statutory income tax rate (1)	19.0	%	19.0	%	19.0	%
Tax effect of international operations (2)	153.1		(2.2)		(6.1)
Change in valuation allowances	(308.0)		(3.6)		0.9
Withholding taxes	(14.3)		0.4		0.3
Excess tax benefits on stock-based compensation	1.2		(0.1)		—
Tax effect of goodwill impairment	(247.8)		—		—
Effective tax rate (3)	(396.8	%)	13.5	%	14.1	%

(1)The statutory rate for 2020, 2019 and 2018 reflects the U.K. statutory rate of 19.0%.

(2)The tax effect of international operations consists of non-U.K. jurisdictions.

(3)The Company's effective tax rate for the period ended December 31, 2020 is negative due to the loss before income taxes, resulting primarily from the impairment of goodwill, compared to the net tax expense recorded for the period.

69

nVent Electric plc

Notes to consolidated and combined financial statements

Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:

	Years ended December 31
In millions	2020		2019		2018
Beginning balance	$	17.0	$	16.8	$	24.6
Gross increases for tax positions in prior periods	0.3		0.3		2.3
Gross decreases for tax positions in prior periods	(1.4)		(1.3)		(1.6)
Gross increases based on tax positions related to the current year	1.1		1.8		1.2
Gross decreases related to settlements with taxing authorities	(2.5)		(0.2)		(8.0)
Reductions due to statute expiration	(0.5)		(0.1)		(1.9)
Gross increases (decreases) due to currency fluctuations	0.3		(0.3)		0.2
Gross increases due to acquisitions	2.8		—		—
Ending balance	$	17.1	$	17.0	$	16.8

We record gross unrecognized tax benefits in Other current liabilities and Other non-current liabilities in the Consolidated Balance Sheets. Included in the $17.1 million of total gross unrecognized tax benefits as of December 31, 2020 was $15.9 million of tax benefits that, if recognized, would impact the effective tax rate. It is reasonably possible that the gross unrecognized tax benefits as of December 31, 2020 may decrease by a range of zero to $3.6 million during 2021, primarily as a result of the resolution of non-U.K. examinations and the expiration of various statutes of limitations.

Based on the outcome of tax examinations, or as a result of the expiration of statute of limitations for specific jurisdictions, it is reasonably possible that certain unrecognized tax benefits for tax positions taken on previously filed tax returns will materially change from those recorded as liabilities in our financial statements. A number of tax periods from 2009 to present are under audit by tax authorities in various jurisdictions, including Canada, France, Germany and Romania. Certain nVent entities are currently subject to IRS audit in the U.S. for 2018 tax periods prior to the separation. We anticipate that several of these audits may be concluded in the foreseeable future.

We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). As of December 31, 2020 and 2019, we have liabilities of $2.3 million and $1.7 million, respectively, for the possible payment of penalties and $3.5 million and $3.0 million, respectively, for the possible payment of interest expense, which are recorded in Other current liabilities in the Consolidated Balance Sheets.

No additional income taxes have been provided for any undistributed foreign earnings or outside basis difference inherent in subsidiaries as these amounts continue to be indefinitely reinvested in foreign operations.

Deferred taxes arise because of different treatment between financial statement accounting and tax accounting, known as "temporary differences." We record the tax effect of these temporary differences as "deferred tax assets" (generally items that can be used as a tax deduction or credit in future periods) and "deferred tax liabilities" (generally items for which we received a tax deduction but the tax impact has not yet been recorded in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss)).

Deferred taxes were recorded in the Consolidated Balance Sheets at December 31 as follows:

In millions	2020		2019
Other non-current assets	$	29.8	$	40.9
Deferred tax liabilities	230.1		237.8
Net deferred tax liabilities	$	200.3	$	196.9

70

nVent Electric plc

Notes to consolidated and combined financial statements

The tax effects of the major items recorded as deferred tax assets and liabilities at December 31 were as follows:

In millions	2020		2019
Deferred tax assets
Accrued liabilities and reserves	$	8.5	$	10.4
Pension and other post-retirement compensation and benefits	41.4		36.9
Employee compensation and benefits	16.1		11.8
Tax loss and credit carryforwards	137.8		138.1
Interest limitation	15.8		20.0
Other assets	10.1		9.0
Total deferred tax assets	229.7		226.2
Valuation allowance	154.5		125.3
Deferred tax assets, net of valuation allowance	75.2		100.9
Deferred tax liabilities
Property, plant and equipment	17.1		17.6
Goodwill and other intangibles	240.2		262.2
Other liabilities	18.2		18.0
Total deferred tax liabilities	275.5		297.8
Net deferred tax liabilities	$	200.3	$	196.9

Included in tax loss and credit carryforwards in the table above is a deferred tax asset of $3.1 million as of December 31, 2020 related to foreign tax credit carryover from the tax period ended December 31, 2017 and related to transition taxes. The entire amount is subject to a valuation allowance. The foreign tax credit is eligible for carryforward until the tax period ending December 31, 2027.

As of December 31, 2020, tax loss carryforwards of $484.6 million were available to offset future income. A valuation allowance of $122.1 million exists for deferred income tax benefits related to the tax loss carryforwards which may not be realized. We believe sufficient taxable income will be generated in the respective jurisdictions to allow us to fully recover the remainder of the tax losses. The tax losses relate to non-U.S. carryforwards which are subject to varying expiration periods. Non-U.S. carryforwards of $400.0 million are located in jurisdictions with unlimited tax loss carryforward periods, while the remainder will begin to expire in 2021.

12.Benefit Plans

Pension and other post-retirement plans

We sponsor U.S. and non-U.S. defined-benefit pension and other post-retirement plans. The defined benefit pension plans cover certain non-U.S. employees and retirees, and the pension benefits are based principally on an employee's years of service and/or compensation levels near retirement. In addition, we provide certain post-retirement health care and life insurance benefits. Generally, the post-retirement health care and life insurance plans require contributions from retirees.

71

nVent Electric plc

Notes to consolidated and combined financial statements

Obligations and funded status

The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and other post-retirement plans as of and for the years ended December 31, 2020 and 2019:

	Pension plans				Post-retirement health plan
In millions	2020		2019		2020		2019
Change in benefit obligations
Benefit obligation beginning of year	$	210.8	$	199.5	$	17.3	$	16.2
Service cost	6.7		5.9		0.1		0.1
Interest cost	3.5		4.0		0.5		0.6
Plan settlements	(0.2)		(0.5)		—		—
Actuarial loss	11.0		27.3		1.6		1.5
Foreign currency translation	20.6		(4.2)		—		—
Benefits paid	(6.8)		(5.0)		(1.0)		(1.1)
Plan curtailment gain	(4.2)		—		—		—
Plan transfer	—		(16.2)		—		—
Benefit obligation end of year	$	241.4	$	210.8	$	18.5	$	17.3
Change in plan assets
Fair value of plan assets beginning of year	$	28.7	$	41.8	$	—	$	—
Actual return on plan assets	1.9		3.0		—		—
Company contributions	5.7		5.2		1.1		1.1
Plan settlements	(0.3)		(0.5)		—		—
Foreign currency translation	2.0		0.4		—		—
Benefits paid	(6.8)		(5.0)		(1.1)		(1.1)
Plan transfer	—		(16.2)		—		—
Fair value of plan assets end of year	$	31.2	$	28.7	$	—	$	—
Funded status
Fair value of plan assets end of year	$	31.2	$	28.7	$	—	$	—
Benefit obligation end of year	241.4		210.8		18.5		17.3
Benefit obligations in excess of the fair value of plan assets	$	(210.2)	$	(182.1)	$	(18.5)	$	(17.3)

In the fourth quarter of 2019, we transferred all of our remaining benefit obligations and plan assets attributed to a pension plan in the U.K. to a third-party insurance company purchased through an annuity contract. The transfer of benefit obligations and plan assets are reflected in the Plan transfer lines in the table above.

In the fourth quarter of 2020, we amended a defined benefit pension plan in Germany to close participation to employees hired after October 1, 2020 and employees more than 10 years from retirement age. These employees are eligible to participate in a defined contribution pension plan starting on October 1, 2020. Benefits to be provided to plan participants remaining in the legacy defined benefit plan are not affected. The amendment of the defined benefit pension plan triggered a curtailment, which required a remeasurement of the benefit obligation. The remeasurement resulted in a curtailment gain (decrease in the benefit obligation) of $4.2 million, which is reflected in Other expense in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss).

Amounts recorded in the Consolidated Balance Sheets at December 31 were as follows:

	Pension plans				Post-retirement health plan
In millions	2020		2019		2020		2019
Other non-current assets	$	2.1	$	1.7	$	—	$	—
Current liabilities	(4.3)		(3.7)		(1.2)		(1.2)
Non-current liabilities	(208.0)		(180.1)		(17.3)		(16.1)
Benefit obligations in excess of the fair value of plan assets	$	(210.2)	$	(182.1)	$	(18.5)	$	(17.3)

72

nVent Electric plc

Notes to consolidated and combined financial statements

The accumulated benefit obligation for all defined benefit plans was $234.9 million and $199.5 million at December 31, 2020 and 2019, respectively.

Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 was as follows:

	Projected benefit obligation exceeds the fair value of plan assets				Accumulated benefit  obligation exceeds the fair value of plan assets
In millions	2020		2019		2020		2019
Projected benefit obligation	$	227.7	$	198.3	$	227.7	$	198.3
Fair value of plan assets	15.3		14.6		15.3		14.6
Accumulated benefit obligation	N/A		N/A		221.2		187.1

Components of net periodic benefit expense for our pension plans were as follow for the years ended December 31:

In millions	2020		2019		2018
Service cost	$	6.7	$	5.9	$	5.8
Interest cost	3.5		4.0		4.2
Expected return on plan assets	(1.3)		(1.1)		(1.4)
Net actuarial loss	10.3		25.4		7.5
Plan curtailment gain	(4.2)		—		—
Net periodic benefit expense	$	15.0	$	34.2	$	16.1

Components of net periodic benefit expense for our post-retirement plan for the years ended December 31, 2020, 2019 and 2018, were not material.

Assumptions

Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:

	Pension plans						Post-retirement health plan
Percentages	2020		2019		2018		2020		2019		2018
Discount rate	1.26	%	1.54	%	2.25	%	2.17	%	3.08	%	4.10	%
Rate of compensation increase	2.96	%	2.97	%	2.97	%	—	%	—	%	—	%

Weighted-average assumptions used to determine net periodic benefit expense for years ended December 31 were as follows:

	Pension plans						Post-retirement health plan
Percentages	2020		2019		2018		2020		2019		2018
Discount rate	1.54	%	2.25	%	2.25	%	3.08	%	4.10	%	3.40	%
Expected long-term return on plan assets	3.91	%	4.15	%	3.45	%	—	%	—	%	—	%
Rate of compensation increase	2.97	%	2.97	%	2.98	%	—	%	—	%	—	%

Uncertainty in the securities markets and U.S. economy could result in investment returns less than those assumed. Should the securities markets decline or medical and prescription drug costs increase at a rate greater than assumed, we would expect increasing annual combined net pension and other post-retirement costs for the next several years. Should actual experience differ from actuarial assumptions, the projected pension benefit obligation and net pension cost and accumulated other post-retirement benefit obligation and other post-retirement benefit cost would be affected in future years.

Discount rates

The discount rate reflects the current rate at which the pension liabilities could be effectively settled at the end of the year based on our December 31 measurement date. The discount rates on our pension plans ranged from 0.00% to 2.75%, 0.25% to 3.25% and 0.50% to 4.25% in 2020, 2019 and 2018, respectively. The discount rates are determined by matching high-quality, fixed-income debt instruments with maturities corresponding to the expected timing of benefit payments as of the annual

73

nVent Electric plc

Notes to consolidated and combined financial statements

measurement date for each of the various plans. There are no known or anticipated changes in our discount rate assumptions that will materially impact our pension expense in 2021.

Expected rates of return

The expected rates of return on our pension plan assets ranged from 1.00% to 5.00%, 1.00% to 5.25% and 1.00% to 5.50% in 2020, 2019 and 2018, respectively. The expected rate of return is designed to be a long-term assumption that may be subject to considerable year-to-year variance from actual returns. In developing the expected long-term rate of return, we considered our historical returns, with consideration given to forecasted economic conditions, our asset allocations, input from external consultants and broader longer-term market indices. Any difference in the expected rate and actual returns will be included with the actuarial gain or loss recorded in the fourth quarter when our plans are remeasured.

Pension plans assets

Objective

The primary objective of our investment strategy is to meet the pension obligation to our employees at a reasonable cost to us. This is primarily accomplished through growth of capital and safety of the funds invested.

Asset allocation

The majority of our pension plan assets are invested in fixed income and equity securities which is consistent with our investment policy goals. Actual investments for our pension plans as of December 31 were as follows:

	Actual
Percentages	2020		2019
Equity securities	43	%	43	%
Fixed income	41	%	42	%
Alternative investments	12	%	11	%
Cash equivalents	4	%	4	%

Fair value measurement

The fair values of our pension plan assets as of December 31 were as follows:

In millions	2020		2019
Cash equivalents	$	1.3	$	1.2
Fixed income:
Corporate and non U.S. government	12.7		11.9
Other investments (alternative investments)	3.8		3.1
Total investments at fair value	$	17.8	$	16.2
Investments measured at net asset value (equity securities)	13.4		12.5
Total	$	31.2	$	28.7

Valuation methodologies used for investments measured at fair value, each of which is classified as Level 2 in the fair value hierarchy, were as follows:

•cash equivalents — Cash equivalents consist of investments in commingled funds valued based on observable market data.

•fixed income — Investments in corporate bonds, government securities, mortgages and asset backed securities were valued based upon quoted market prices for similar securities and other observable market data. Investments in commingled funds were generally valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices or by a pricing service.

•other investments — Other investments include investments in commingled funds with diversified investment strategies. Investments in commingled funds were valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices or by a pricing service.

74

nVent Electric plc

Notes to consolidated and combined financial statements

Cash flows

Contributions

Pension and post-retirement plan contributions totaled $6.8 million and $5.8 million in 2020 and 2019, respectively. The 2021 expected contributions will equal or exceed our minimum funding requirements of $7.8 million.

Estimated future benefit payments

The following benefit payments, which reflect expected future service or payout from termination, as appropriate, are expected to be paid by the plans for the years ended December 31 as follows:

In millions	Pension plans		Post-retirement health plan
2021	$	5.5	$	1.2
2022	6.0		1.2
2023	5.7		1.2
2024	7.7		1.2
2025	6.5		1.1
Thereafter	42.9		5.1

Savings plan

Effective January 1, 2019, nVent established and is the plan sponsor of a 401(k) retirement plan (nVent Management Company Retirement Savings and Incentive Plan or "401(k) plan") and employee share ownership plan (nVent Electric plc Employee Stock Purchase and Bonus Plan). The 401(k) plan covers certain union and all non-union U.S. employees who met certain age requirements. Under the 401(k) plan, eligible U.S. employees could voluntarily contribute a percentage of their eligible compensation and we match contributions made by employees who met certain eligibility and service requirements. The eligibility criteria and benefits provided by the plans sponsored by nVent are consistent with the provisions of the plans sponsored by the former Parent. During 2019 and the first half of 2020, the matching contribution was 100% of eligible employee contributions for the first 5% of eligible contributions contributed as pre-tax contribution. In response to the adverse effects of the COVID-19 pandemic, effective July 1, 2020, the employer matching contributions were reduced to 50% of the first 5% of eligible compensation contributed as pre-tax contribution. Expense for the 401(k) plan was $8.8 million and $10.9 million in 2020 and 2019, respectively.

During 2018, certain U.S. nVent employees were eligible to participate in a 401(k) plan with an employee share ownership ("ESOP") bonus component, sponsored by the former Parent. During 2018, the matching contribution was 100% of eligible employee contributions for the first 5% of eligible contributions contributed as pre-tax contribution. Expense was $10.5 million in 2018.

13.Shareholders' Equity

Authorized shares

Our authorized share capital consists of 400.0 million ordinary shares with a par value of $0.01 per share.

Share repurchases

On July 23, 2018, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2018 Authorization"). On February 19, 2019, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $380.0 million (the "2019 Authorization"). The 2018 and 2019 Authorizations expire on July 23, 2021.

During the year ended December 31, 2020, we repurchased 2.3 million of our ordinary shares for $43.2 million under the 2018 Authorization. During the year ended December 31, 2019, we repurchased 9.0 million of our ordinary shares for $232.7 million under the 2018 Authorization.

As of December 31, 2020, we had $545.1 million available for repurchases under the 2018 and 2019 Authorizations, which totaled $880.0 million.

75

nVent Electric plc

Notes to consolidated and combined financial statements

Dividends

Dividends paid per ordinary share were $0.70 for both the years ended December 31, 2020 and 2019.

On December 14, 2020, the Board of Directors declared a quarterly cash dividend of $0.175 that was paid on February 5, 2021 to shareholders of record at the close of business on January 22, 2021. The balance of dividends payable included in Other current liabilities on our Consolidated Balance Sheets was $29.4 million and $29.7 million at December 31, 2020 and 2019, respectively.

On February 22, 2021, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on May 7, 2021 to shareholders of record at the close of business on April 23, 2021.

14.Segment Information

We classify our operations into the following business segments based primarily on types of products offered and markets served:

•Enclosures - The Enclosures segment provides innovative solutions to connect and protect critical control systems, electronics, data and electrical equipment. From metallic and non-metallic enclosures to cabinets, subracks and backplanes, it offers the physical infrastructure to host, connect and protect server and network equipment, as well as indoor and outdoor protection for test and measurement, aerospace and defense applications in industrial, infrastructure, energy and commercial verticals.

•Electrical & Fastening Solutions - The Electrical & Fastening Solutions segment provides solutions that connect and protect electrical and mechanical systems and civil structures. Its engineered electrical and fastening products are innovative cost efficient and time saving connections that are used across a wide range of verticals, including commercial, industrial, infrastructure and energy.

•Thermal Management - The Thermal Management segment provides electric thermal solutions that connect and protect critical buildings, infrastructure, industrial processes and people. Its thermal management systems include heat tracing, floor heating, fire-rated and specialty wiring, sensing and snow melting and de-icing solutions for use in industrial, commercial & residential, energy and infrastructure verticals. It's highly reliable and easy to install solutions lower total cost of ownership to building owners, facility managers, operators and end users.

•Other — Other is primarily composed of unallocated corporate expenses, our captive insurance subsidiary and intermediate finance companies.

The accounting policies of our reporting segments are the same as those described in the summary of significant accounting policies. We evaluate performance based on the net sales and segment income (loss) 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. Segment income (loss) represents operating income exclusive of intangible amortization, separation costs, costs of restructuring activities, "mark-to-market" gain/loss for pension and other post-retirement plans, impairments and other unusual non-operating items.

76

nVent Electric plc

Notes to consolidated and combined financial statements

Financial information by reportable segment is included in the following summary:

	Net sales						Segment income (loss)
In millions	2020		2019		2018		2020		2019		2018
Enclosures	$	952.9	$	1,033.8	$	1,019.7	$	148.5	$	181.3	$	174.8
Electrical & Fastening Solutions	569.1		579.6		570.7		150.2		149.7		144.5
Thermal Management	476.6		590.6		623.2		93.9		145.3		154.2
Other	—		—		—		(45.0)		(52.0)		(49.1)
Consolidated	$	1,998.6	$	2,204.0	$	2,213.6	$	347.6	$	424.3	$	424.4

No customer accounted for more than 10% of net sales in 2020, 2019 or 2018.

	Identifiable assets						Depreciation
In millions	2020		2019		2018		2020		2019		2018
Enclosures	$	785.9	$	787.0	$	665.9	$	18.4	$	16.1	$	15.9
Electrical & Fastening Solutions	2,111.8		2,129.3		2,157.7		10.2		9.1		10.1
Thermal Management	1,271.3		1,543.7		1,557.1		7.0		7.9		8.6
Other	197.1		180.3		172.0		2.8		2.3		1.6
Consolidated	$	4,366.1	$	4,640.3	$	4,552.7	$	38.4	$	35.4	$	36.2

	Capital expenditures
In millions	2020		2019		2018
Enclosures	$	17.7	$	15.3	$	13.3
Electrical & Fastening Solutions	10.7		13.3		7.9
Thermal Management	6.2		6.8		5.1
Other	5.4		3.4		13.2
Consolidated	$	40.0	$	38.8	$	39.5

The following table presents a reconciliation of consolidated and combined segment income to consolidated and combined income (loss) before income taxes for the years ended December 31:

In millions	2020		2019		2018
Segment income	$	347.6	$	424.3	$	424.4
Impairment of goodwill	(212.3)		—		—
Impairment of trade names	(8.2)		—		—
Restructuring and other	(22.0)		(24.2)		(7.7)
Intangible amortization	(64.2)		(61.4)		(60.9)
Pension and other post-retirement mark-to-market (loss) gain	(8.7)		(27.3)		(7.0)
Acquisition transaction and integration costs	(2.5)		(2.4)		—
Inventory step-up amortization	—		(3.2)		—
Separation costs	—		—		(45.0)
Interest expense, net	(36.4)		(44.7)		(31.2)
Other expense	(2.8)		(3.7)		(3.9)
Income (loss) before income taxes	$	(9.5)	$	257.4	$	268.7

77

nVent Electric plc

Notes to consolidated and combined financial statements

15. Leases

We have operating leases for office space, production facilities, distribution centers, warehouses, sales offices, fleet vehicles and equipment. In accordance with our accounting policy, leases with an initial term of 12 months or less are not recognized on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We elected the practical expedient for all leases to include both lease and non-lease components within our lease assets and lease liabilities.

Our lease agreements do not contain any material residual value guarantees, any material bargain purchase options or material restrictive covenants. We have no material sublease arrangements with third parties or lease transactions with related parties.

During the years ended December 31, 2020, 2019 and 2018, rent expense was $20.3 million, $19.8 million and $15.8 million, respectively, primarily related to operating lease costs. Costs associated with short-term leases, variable rent and subleases were immaterial.

Our leases have remaining lease terms of one to ten years, some of which include options to extend the leases for up to five years. Renewal options that are reasonably certain to be exercised are included in the lease term. The incremental borrowing rate is used in determining the present value of lease payments, unless an implicit rate is specified. Incremental borrowing rates on a collateralized basis are determined based on the economic environment in which leases are denominated and the lease term. The weighted average remaining lease term and weighted average discount rate were as follows:

	December 31, 2020		December 31, 2019
Weighted average remaining lease term
Operating leases	5 years		5 years
Weighted average discount rate
Operating leases	3.5	%	4.0	%

Future lease payments under non-cancelable operating leases as of December 31, 2020 were as follows:

In millions
2021	$	16.9
2022	12.0
2023	7.9
2024	5.9
2025	4.6
Thereafter	10.0
Total lease payments	$	57.3
Less imputed interest	(7.4)
Total reported lease liability	$	49.9

As of December 31, 2020, we have approximately $23 million in future undiscounted cash flows related to a lease of a manufacturing facility and warehouse that has not yet commenced for which we are involved in the design and construction of the assets. The lease has a term of 10 years and is expected to commence in the first half of 2021.

Future lease payments under non-cancelable operating leases as of December 31, 2019 were as follows:

In millions
2020	$	16.7
2021	11.4
2022	7.5
2023	4.4
2024	3.5
Thereafter	10.9
Total lease payments	$	54.4
Less imputed interest	(6.0)
Total reported lease liability	$	48.4

78

nVent Electric plc

Notes to consolidated and combined financial statements

Supplemental cash flow information related to operating leases was as follows:

	Year ended December 31
In millions	2020		2019
Cash paid for amounts included in the measurement of lease liabilities	$	17.4	$	18.0
Lease right-of-use assets obtained in exchange for new lease liabilities	16.2		15.5

Supplemental balance sheet information related to operating leases as of December 31 was as follows:

In millions	Classification	2020		2019
Assets
Lease right-of-use assets	Other non-current assets	$	45.6	$	44.2
Liabilities
Current lease liabilities	Other current liabilities	$	14.2	$	14.7
Non-current lease liabilities	Other non-current liabilities	35.7		33.7
Total lease liabilities		$	49.9	$	48.4

16.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 December 31, 2020 and 2019 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 December 31, 2020 and 2019, the outstanding value of bonds, letters of credit and bank guarantees totaled $43.8 million and $70.0 million, respectively.

Other matters

We are subject to disputes, administrative proceedings and other claims arising out of the normal conduct of our business. These matters generally relate to disputes arising out of the use or installation of our products, product liability litigation, personal injury claims, commercial and contract disputes and employment related matters. On the basis of information currently available, management does not believe that existing proceedings and claims will have a material impact on our consolidated and combined financial statements. However, litigation is unpredictable, and we could incur judgments or enter into settlements for current or future claims that could adversely affect our financial statements.

79

nVent Electric plc

Notes to consolidated and combined financial statements

17. Selected Quarterly Data (Unaudited)

The following tables present 2020 and 2019 quarterly financial information:

	2020
In millions, except per-share data	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
Net sales	$	520.9	$	447.2	$	509.3	$	521.2	$	1,998.6
Gross profit	195.3		160.3		196.8		197.0		749.4
Operating income (loss)	60.3		45.3		(141.6)		74.4		38.4
Net income (loss)	18.6		25.8		(138.7)		47.1		(47.2)
Earnings (loss) per ordinary share (1)
Basic	$	0.11	$	0.15	$	(0.82)	$	0.28	$	(0.28)
Diluted	$	0.11	$	0.15	$	(0.82)	$	0.28	$	(0.28)

	2019
In millions, except per-share data	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
Net sales	$	538.0	$	539.5	$	559.8	$	566.7	$	2,204.0
Gross profit	209.9		212.2		224.1		219.6		865.8
Operating income	77.5		87.0		86.1		82.5		333.1
Net income	56.4		60.9		59.9		45.5		222.7
Earnings per ordinary share (1)
Basic	$	0.32	$	0.36	$	0.35	$	0.27	$	1.30
Diluted	$	0.32	$	0.35	$	0.35	$	0.27	$	1.29

(1) Amounts may not total to annual earnings because each quarter and year are calculated separately based on basic and diluted weighted-average ordinary shares outstanding during that period.

Third quarter 2020 includes a $220.5 million decrease in net income related to impairment of goodwill and trade names. 2020 results were impacted by the COVID-19 pandemic.

80

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A.   CONTROLS AND PROCEDURES

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the year ended December 31, 2020, 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 as of the year ended December 31, 2020 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 Securities and Exchange Commission'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.

Management's Annual Report on Internal Control Over Financial Reporting

The report of management required under this ITEM 9A is contained in ITEM 8 of this Annual Report on Form 10-K under the caption "Management's Report on Internal Control Over Financial Reporting."

Attestation Report of Independent Registered Public Accounting Firm

The attestation report required under this ITEM 9A is contained in ITEM 8 of this Annual Report on Form 10-K under the caption "Report of Independent Registered Public Accounting Firm."

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the quarter ended December 31, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B.   OTHER INFORMATION

None.

81

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information required under this item with respect to directors is contained in our Proxy Statement for our 2021 annual general meeting of shareholders under the captions "Proposal 1 Re-elect Director Nominees" and "Corporate Governance Matters," and is incorporated herein by reference.

Information required under this item with respect to executive officers is contained in Part I of this Form 10-K under the caption "Information About Our Executive Officers."

Our Board of Directors has adopted nVent's Code of Business Conduct and Ethics and designated it as the code of ethics for the Company's Chief Executive Officer and senior financial officers. The Code of Business Conduct and Ethics also applies to all employees and directors in accordance with New York Stock Exchange Listing Standards. We have posted a copy of nVent's Code of Business Conduct and Ethics on our website at https://investors.nvent.com/corporate-governance/. We intend to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding amendments to or waivers from, nVent's Code of Business Conduct and Ethics by posting such information on our website at https://investors.nvent.com/corporate-governance/.

We are not including the information contained on our website as part of, or incorporating it by reference into, this report.

ITEM 11.  EXECUTIVE COMPENSATION

Information required under this item is contained in our Proxy Statement for our 2021 annual general meeting of shareholders under the captions "Corporate Governance Matters - Director Compensation," "Compensation Committee Report," "Compensation Discussion and Analysis," and "Executive Compensation Tables" and is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information required under this item with respect to security ownership is contained in our Proxy Statement for our 2021 annual general meeting of shareholders under the caption "Security Ownership" and is incorporated herein by reference.

The following table summarizes, as of December 31, 2020, information about compensation plans under which our equity securities are authorized for issuance:

Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)		Weighted-average exercise price of outstanding options, warrants and rights (b)			Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by security holders:
2018 Omnibus Incentive Plan	3,699,907	(1)	$	27.62	(2)	12,973,703	(3)
Total	3,699,907		$	27.62		12,973,703

(1)Consists of 2,535,564 shares subject to stock options, 566,481 shares subject to restricted stock units and 597,862 shares subject to performance share awards.

(2)Represents the weighted average exercise price of outstanding stock options and does not take into account outstanding restricted stock units or performance share units.

(3)Represents securities remaining available for issuance under the 2018 Omnibus Incentive Plan.

82

ITEM 13.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

Information required under this item is contained in our Proxy Statement for our 2021 annual general meeting of shareholders under the captions "Proposal 1 Re-elect Director Nominees - Director Independence" and "Corporate Governance Matters - The Board's Role and Responsibilities - Policies and Procedures Regarding Related Person Transactions" and is incorporated herein by reference.

ITEM 14.   PRINCIPAL ACCOUNTING FEES AND SERVICES

Information required under this item is contained in our Proxy Statement for our 2021 annual general meeting of shareholders under the caption "Proposal 4 Ratify, by Non-Binding Advisory Vote, the Appointment of Deloitte & Touche LLP as the Independent Auditor of nVent Electric plc and to Authorize, by Binding Vote, the Audit and Finance Committee of the Board of Directors to Set the Auditor's Remuneration" and is incorporated herein by reference.

83

PART IV

ITEM 15.    EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

The following information required under this item is filed as part of this report:

(1) Financial Statements    

Consolidated Financial Statements filed as part of this report are listed under Part II, ITEM 8 of this Form 10-K.

Financial Statement Schedules

None.

All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission have been omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.

(2) Exhibits

The exhibits of this Annual Report on Form 10-K included herein are set forth below.

Exhibit Number	Exhibit
3.1	Amended and Restated Memorandum and Articles of Association of nVent Electric plc (incorporated by reference to Exhibit 4.1 to Post-Effective Amendment No. 1 to the Registration Statement on Form S-8 of nVent Electric plc filed with the Commission on December 31, 2018 (File No. 333-224555)).
4.1	Indenture, dated as of March 26, 2018, among nVent Finance S.à r.l, nVent Electric plc, Pentair plc, Pentair Investments Switzerland GmbH and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to Amendment No. 4 to the Registration Statement on Form 10 of nVent Electric plc filed with the Commission on March 26, 2018 (File No. 001-38265)).
4.2	First Supplemental Indenture, dated as of March 26, 2018, among nVent Finance S.à r.l, nVent Electric plc, Pentair plc, Pentair Investments Switzerland GmbH and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to Amendment No. 4 to the Registration Statement on Form 10 of nVent Electric plc filed with the Commission on March 26, 2018 (File No. 001-38265)).
4.3	Second Supplemental Indenture, dated as of March 26, 2018, among nVent Finance S.à r.l, nVent Electric plc, Pentair plc, Pentair Investments Switzerland GmbH and U.S. Bank National Association (incorporated by reference to Exhibit 4.3 to Amendment No. 4 to the Registration Statement on Form 10 of nVent Electric plc filed with the Commission on March 26, 2018 (File No. 001-38265)).
4.4	Third Supplemental Indenture, dated as of April 30, 2018, among nVent Finance S.à r.l, nVent Electric plc and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 in the Current Report on Form 8-K of nVent Electric plc filed with the Commission on April 30, 2018 (File No. 001-38265)).
4.5	Credit Agreement, dated as of March 23, 2018, among nVent Electric plc, nVent Finance S.à r.l., Hoffman Schroff Holdings, Inc. (formerly known as Pentair Technical Products Holdings, Inc.) and the lenders and agents party thereto (incorporated by reference to Exhibit 4.4 to Amendment No. 4 to the Registration Statement on Form 10 of nVent Electric plc filed with the Commission on March 26, 2018 (File No. 001-38265)).
4.6	Amendment No. 1, dated as of December 20, 2019, to Credit Agreement, dated as of March 23, 2018, among nVent Electric plc, nVent Finance S.à r.l., Hoffman Schroff Holdings, Inc. (formerly known as Pentair Technical Products Holdings, Inc) and the lenders and agents party thereto. (incorporated by reference to Exhibit 4.6 in the Annual Report on Form 10-K of nVent Electric plc filed with the Commission on February 25, 2020 (File No. 001-38265)).
4.7	Description of Securities (incorporated by reference to Exhibit 4.7 in the Annual Report on Form 10-K of nVent Electric plc filed with the Commission on February 25, 2020 (File No. 001-38265)).
10.1	nVent Electric plc 2018 Omnibus Incentive Plan (incorporated by reference to Appendix B to the Definitive Proxy Statement on Schedule 14A of nVent Electric plc filed with the Commission on March 31, 2020 (File No. 001-38265)).*
10.2	Form of Executive Officer Stock Option Award Agreement (incorporated by reference to Exhibit 10.2 in the Quarterly Report on Form 10-Q of nVent Electric plc filed with the Commission on May 8, 2018 (File No. 001-38265)).*

84

10.3	Form of Executive Officer Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.3 in the Quarterly Report on Form 10-Q of nVent Electric plc filed with the Commission on May 8, 2018 (File No. 001-38265)).*
10.4	Form of Executive Officer Performance Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 in the Quarterly Report on Form 10-Q of nVent Electric plc filed with the Commission on May 8, 2018 (File No. 001-38265)).*
10.5	Description of nVent Electric plc Management Incentive Plan (incorporated by reference to Exhibit 10.5 in the Quarterly Report on Form 10-Q of nVent Electric plc filed with the Commission on July 31, 2020 (File No. 001-38265)).*
10.6	Form of Non-Employee Director Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.6 in the Quarterly Report on Form 10-Q of nVent Electric plc filed with the Commission on May 8, 2018 (File No. 001-38265)).*
10.7	Form of Key Executive Employment and Severance Agreement for Beth A. Wozniak, Michael B. Faulconer, Lynnette R. Heath, Jon D. Lammers, Elizabeth C. Noonan, Aravind Padmanabhan, Joseph A. Ruzynski, Randolph A. Wacker, and Sara E. Zawoyski (incorporated by reference to Exhibit 10.6 to Amendment No. 2 to the Registration Statement on Form 10 of nVent Electric plc filed with the Commission on January 31, 2018 (File No. 001-38265)).*
10.8	nVent Electric plc Employee Stock Purchase and Bonus Plan, as amended and restated January 1, 2021.*
10.9	nVent Management Company Non-Qualified Deferred Compensation Plan (incorporated by reference to Exhibit 10.4 in the Current Report on Form 8-K of nVent Electric plc filed with the Commission on April 30, 2018 (File No. 001-38265)).*
10.10	nVent Electric plc Compensation Plan for Non-Employee Directors (incorporated by reference to Exhibit 10.10 in the Quarterly Report on Form 10-Q of nVent Electric plc filed with the Commission on May 8, 2018 (File No. 001-38265)).*
10.11	nVent Management Company Supplemental Executive Retirement Plan (incorporated by reference to Exhibit 10.5 in the Current Report on Form 8-K of nVent Electric plc filed with the Commission on April 30, 2018 (File No. 001-38265)).*
10.12	Flow Control Supplemental Savings and Retirement Plan (incorporated by reference to Exhibit 10.12 to Amendment No. 2 to the Registration Statement on Form 10 of nVent Electric plc filed with the Commission on January 31, 2018 (File No. 001-38265)).*
10.13	Form of Deed of Indemnification for directors and executive officers of nVent Electric plc (incorporated by reference to Exhibit 10.4 to Amendment No. 2 to the Registration Statement on Form 10 of nVent Electric plc filed with the Commission on January 31, 2018 (File No. 001-38265)).*
10.14	Form of Indemnification Agreement for directors and executive officers of nVent Electric plc (incorporated by reference to Exhibit 10.5 to Amendment No. 2 to the Registration Statement on Form 10 of nVent Electric plc filed with the Commission on January 31, 2018 (File No. 001-38265)).*
10.15	Form of Key Executive Employment and Severance Agreement for Robert J. van der Kolk (incorporated by reference to Exhibit 10.15 in the Quarterly Report on Form 10-Q of nVent Electric plc filed with the Commission on July 26, 2018 (File No. 001-38625)).*
10.16	Tax Matters Agreement, dated as of April 27, 2018, by and between Pentair plc and nVent Electric plc (incorporated by reference to Exhibit 2.2 in the Current Report on Form 8-K of nVent Electric plc filed with the Commission on April 30, 2018 (File No. 001-38265)).
10.17	Description of Amendment to the nVent Management Company Non-Qualified Deferred Compensation Plan (incorporated by reference to Exhibit 10.9 in the Quarterly Report on Form 10-Q of nVent Electric plc filed with the Commission on July 31, 2020 (File No. 001-38265)).*
10.18	nVent Electric plc Non-Employee Director Compensation Policy (incorporated by reference to Exhibit 10.17 in the Annual Report on Form 10-K of nVent Electric plc filed with the Commission on February 19, 2019 (File No. 001-38265)).*
10.19	nVent Management Company Severance Plan for Executives effective March 1, 2019, as amended effective December 9, 2019 (incorporated by reference to Exhibit 10.19 in the Annual Report on Form 10-K of nVent Electric plc filed with the Commission on February 25, 2020 (File No. 001-38265)).*
21	List of nVent Electric plc subsidiaries.

85

22	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 April 29, 2020 (File No. 001-38265)).
23	Consent of Independent Registered Public Accounting Firm — Deloitte & Touche LLP.
24	Power of attorney.
31.1	Certification of Chief Executive Officer.
31.2	Certification of Chief Financial Officer.
32.1	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.
32.2	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 Annual Report on Form 10-K for the year ended December 31, 2020 are filed herewith, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2020, 2019 and 2018, (ii) the Consolidated Balance Sheets as of December 31, 2020 and 2019, (iii) the Consolidated and Combined Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018, (iv) the Consolidated and Combined Statements of Changes in Equity for the years ended December 31, 2020, 2019 and 2018 and (v) the Notes to the Consolidated and Combined Financial Statements.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Denotes a management contract or compensatory plan or arrangement.

ITEM 16.   FORM 10-K SUMMARY

None.

86

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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 February 23, 2021.

NVENT ELECTRIC PLC
By	/s/ Sara E. Zawoyski
	Sara E. Zawoyski
	Executive Vice President and Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated, on February 23, 2021.

Signature	Title
/s/  Beth A. Wozniak	Chief Executive Officer and Director
Beth A. Wozniak
/s/  Sara E. Zawoyski	Executive Vice President and Chief Financial Officer
Sara E. Zawoyski
/s/  Randolph A. Wacker	Senior Vice President, Chief Accounting Officer and Treasurer
Randolph A. Wacker
*	Director
Jerry W. Burris
*	Director
Susan M. Cameron
*	Director
Michael L. Ducker
*	Director
Randall J. Hogan
*	Director
Ronald L. Merriman
*	Director
Nicola Palmer
*	Director
Herbert K. Parker
*	Director
Jacqueline Wright

*By	/s/  Jon D. Lammers
	Jon D. Lammers
	Attorney-in-fact

87

EX-10.8

Exhibit 10.8    

NVENT ELECTRIC PLC

EMPLOYEE STOCK PURCHASE PLAN

As Amended and Restated Effective January 1, 2021

SECTION 1

HISTORY AND BACKGROUND

The Company adopted this nVent Electric plc Employee Stock Purchase Plan (the “Plan”), effective as of April 30, 2018, to provide to employees of the Company and its designated divisions and subsidiaries the opportunity to purchase shares of the Company’s common stock. The Company amended and restated this Plan effective as of January 1, 2019, then again as of May 14, 2020, and most recently as of January 1, 2021.

The following sections of the Plan (other than Appendix A) shall apply to the U.S. and Canadian employees of the Company and its participating divisions and subsidiaries. The terms and conditions set forth in Appendix A shall apply exclusively to the non-U.S. employees (other than Canadian employees) of the Company’s participating international branches and subsidiaries.

SECTION 2

DEFINITIONS

Unless the context clearly requires otherwise, when capitalized the terms listed below shall have the following meanings when used in this Section or other parts of the Plan.

(1)“Account” is an account established with the Plan Agent and into which Stock purchased with accumulated Participant contributions, employer matching contributions made on behalf of a Participant, and cash dividends paid with respect to such Stock (as applicable), are held on behalf of each Participant under the Plan. A Participant’s rights with respect to his or her Account shall be subject to the terms and conditions established by the Plan Agent from time to time.

(2)“Affiliated Company” is (a) any corporation or business located in and organized under the laws of one of the United States which is a member of a controlled group of corporations or businesses (within the meaning of Code section 414(b) or (c)) that includes the Company, but only during the periods such affiliation exists, or (b) any other entity in which the Company may have a significant ownership interest, and which the Plan Administrator determines shall be an Affiliated Company for purposes of the Plan.

(3)“Code” is the Internal Revenue Code of 1986, as amended.

(4)“Company” is nVent Electric plc, an Irish company, or any successor thereto.

-1-

(5)“Compensation” is a Participant’s base wages or salary (i.e., exclusive of overtime or bonus payments) or the equivalent thereof, including, by way of example, vacation, jury duty or shift differential pay, paid to or on behalf of a Participant for services rendered to the Company or a Participating Employer.

(6)“Effective Date” is April 30, 2018, the date this Plan became effective.

(7)“Eligible Employee” is an Employee, except those Employees:

(i)who are included in a unit of Employees covered by a collective bargaining agreement between Employee representatives and a Participating Employer, unless and to the extent such agreement provides that such Employees shall be covered by the Plan, or the Participating Employer and the Plan Administrator have otherwise agreed to extend coverage under the Plan to such Employees;

(ii)who, as determined by the Plan Administrator in its sole discretion, are not regular or permanent full- or part-time Employees, including, without limitation interns or other temporary Employees;

(iii)who are covered under Appendix A;

(iv)whose Employer is not a Participating Employer; or

(v)who are not treated as Employees by the Company or a Participating Employer for purposes of the Plan even though they may be so treated or considered under applicable law, including Code section 414(n), the Federal Insurance Contribution Act or the Fair Labor Standards Act (e.g., individuals treated as employees of a third party or as self-employed).

(8)“Employee” is an individual who is an employee of the Company or an Affiliated Company.

(9)“Participant” is an Eligible Employee who has met the age requirement for Plan participation and properly completed and submitted the authorization form necessary for participation.

(10)“Participating Employer” is an Affiliated Company that is making, or has agreed to make, contributions under the Plan with respect to some or all of its Eligible Employees, but only during the period such agreement to contribute remains in effect. The Company must approve each Participating Employer.

(11)“Plan” is the nVent Electric plc Employee Stock Purchase Plan as described in this plan document and as it may be amended from time to time.

-2-

(12)“Plan Administrator” is the Company, and may include an employee or committee of employees of the Company or any subsidiary thereof that has been appointed by the Company to serve as the plan administrator of the Plan.

(13)“Plan Agent” is the financial services firm or other entity duly appointed by the Plan Administrator to (i) receive funds contributed by Participants and Participating Employers, (ii) purchase shares of Stock with funds contributed by Participants and Participating Employers, and (iii) maintain Participant Accounts.

(14)“Prospectus” is the prospectus, as in effect from time to time, which describes the Plan and which is delivered to eligible Participants with respect to the purchase of Stock under the Plan.

(15)“Stock” is the ordinary shares of nVent Electric plc, nominal value $0.01 per share.

SECTION 3

ELIGIBILITY

All Eligible Employees of a Participating Employer may elect to participate in the Plan after the Effective Date upon the attainment of age eighteen (18).

SECTION 4

PARTICIPATION

4.1.General. Plan participation is voluntary and Eligible Employees do not automatically become Participants upon meeting the Plan’s eligibility requirements. An Eligible Employee, who has met the Plan’s eligibility requirements as described in Section 3, may commence Plan participation after the Effective Date by delivering an authorization for deductions from such individual’s Compensation, in accordance with procedures established by the Plan Administrator.

4.2.Withdrawal from Participation. A Participant may elect to cease participation under the Plan at any time, even though he or she remains an Eligible Employee of the Company or a Participating Employer, by giving written notice of withdrawal in accordance with procedures established by the Plan Administrator. Such an individual may elect to resume participation in the Plan at any time in accordance with procedures established by Plan Administrator, provided he or she is an Eligible Employee at the time participation resumes.

SECTION 5

CONTRIBUTIONS

5.1.Participant Contributions. A Participant may authorize his or her employer to make a deduction from each paycheck for purposes of purchasing Stock as a percentage of Compensation, in accordance with Section 4.1. The minimum deduction allowed is 0.01% of Compensation per pay period; the maximum deduction allowed is $12,000 per

-3-

calendar year, which may be implemented on an annual, per month or per payroll period basis (including as a maximum percentage of Compensation) as determined by the Company in its discretion. A Participant may change the amount of his or her payroll deduction at any time in accordance with procedures established by the Plan Administrator, and such change shall be effective as soon as practicable thereafter. Until such contributions are transferred to the Plan Agent for purposes of purchasing Stock under the Plan at the time or times determined by the Plan Administrator and in accordance with Section 6, the amounts so collected may be commingled with the general assets of the Company and used for general purposes and no interest shall be paid in connection with such amounts.

5.2.Employer Matching Contribution. At the time or times determined by the Plan Administrator, the Company and Participating Employers shall pay to the Plan Agent on behalf of each Participant employed by such employer an amount equal to twenty-five percent (25%) of the contributions made by such Participant through payroll deductions from Compensation.

5.3.Dividends. Cash dividends paid on Stock held in a Participant’s Account shall, as elected by the Participant in accordance with procedures established by the Plan Administrator, be used by the Plan Agent to purchase additional shares of Stock on behalf of such Participant or paid directly to the Participant in cash.

5.4.Suspension of Contributions. Notwithstanding any other provision herein to the contrary, the Company may, through action of the Compensation Committee of its Board of Directors, in its discretion, suspend Participant payroll deductions and/or Company and Participating Employer matching contributions, and re-commence such contributions, at such times as the Compensation Committee may determine, in its sole discretion.

SECTION 6

PURCHASE OF STOCK

6.1.Participant Accounts. The Plan Agent shall establish for each Participant an Account to hold the Stock purchased on behalf of such Participant. All Stock and other amounts allocated to such Account shall at all times be fully vested and nonforfeitable.

6.2.Purchasing Stock. The Plan Agent shall use all Participant and employer contributions, and including cash dividends (if so elected in accordance with Section 5.3), to purchase Stock on the open market. The Plan Agent shall make all such purchases on a single business day or over a number of business days in the month, as agreed to by the Plan Agent and the Plan Administrator. The Stock so purchased shall be allocated to the Participant’s Account on behalf of whom purchases were made based on (i) the actual purchase price for such Stock, in such case where the Plan Agent makes a single purchase of Stock under the Plan in one day or (ii) an average purchase price, as determined by the Plan Administrator and the Plan Agent, in the case where multiple purchases are made on one or more than one day. No interest shall be paid on cash amounts (if any) held by the Plan Agent regardless of whether such cash is being

-4-

held in anticipation of the date on which Stock purchases shall be made or held pending a refund to a terminating Participant.

SECTION 7

ENDING PARTICIPATION

7.1.General. A Participant may elect to discontinue Plan participation even though he or she remains an Eligible Employee of the Company or a Participating Employer. In addition, a Participant may cease Plan participation by reason of becoming an Employee of an Affiliated Company that is not a Participating Employer, by joining a group of Employees who are not Eligible Employees, or by qualifying for benefits under a long-term disability plan maintained by the Company or a Participating Employer. At such time as a Participant shall cease employment with the Company and all Affiliated Companies, Plan participation shall cease. In accordance with procedures established by the Plan Administrator, any contributions made by a Participant prior to discontinuing participation in the Plan shall be used to purchase Stock in accordance with Section 6 hereunder.

7.2.Discontinuing Participation. An individual may, in accordance with procedures established by the Plan Administrator, elect to cease making contributions under the Plan, even though he or she remains an Eligible Employee of the Company or a Participating Employer. In addition, a Participant who ceases earning Compensation (as determined by the Plan Administrator), for example, a Participant who commences an unpaid leave of absence or other type of leave under which he or she no longer earns compensation that has been determined by the Plan Administrator to be Compensation for purposes under the Plan, shall automatically cease making contributions under the Plan.

7.3.Ceasing to be an Eligible Employee. Participants who cease to be Eligible Employees but remain Employees of the Company or an Affiliated Company shall automatically cease making contributions under the Plan effective as soon as administratively feasible.

SECTION 8

DISPOSITION OF ACCOUNTS

The Participant shall be eligible to receive a distribution of his or her Account in accordance with procedures established by the Plan Agent.

SECTION 9

ADMINISTRATION

9.1.Term of Plan. This Plan is effective on April 30, 2018, and shall remain in effect for a period of ten (10) years after such effective date, unless the Plan is earlier terminated as provided in Section 11.6.

9.2.Prospectus. Upon completing the eligibility requirements described in Section 3, an Eligible Employee shall receive from the Plan Administrator or its delegate a copy of the Prospectus, which describes the Plan.

-5-

9.3.Reporting. The Plan Agent shall provide to each Participant quarterly, or at such other intervals as may be necessary or appropriate, the following information:

(a)the total amount contributed to each Participant’s Account for such quarter, whether by payroll deduction, or the Participant’s employer;

(b)the number of shares of Stock purchased on behalf of the Participant with all of such contributions; and

(c)the total number of shares of Stock then allocated to the Participant’s Account.

9.4.Voting of Stock in Accounts. Participants will not have any voting, dividend or other rights of a shareholder with respect to shares of Stock subject to this Plan until such shares have been delivered to the Participant’s Account. Once the Stock is delivered to the Participant’s Account, he or she will be entitled to all notices and correspondence provided to any shareholder of record who is not a Participant, including proxy statements. The Plan Agent shall be responsible for soliciting and receiving proxy instructions from each Participant and shall vote the Stock allocated to each Participant’s Account in accordance with the instructions, if any, provided by such Participant.

9.5.Fees and Commissions. Unless otherwise determined by the Plan Administrator, the Company shall pay commissions, service charges or other costs incurred with respect to the purchase of Stock for purposes of the Plan. Unless otherwise determined by the Plan Administrator, when any such Stock in an Account is sold or the Participant ceases to be an Employee of the Company or an Affiliate Company, the Participant is responsible for payment of any commissions, service charges or other costs incurred on account of such sale or ongoing administration of his or her Account.

SECTION 10

TRANSFER RESTRICTIONS

10.1.Holding Period. Unless the Plan Administrator determines otherwise, a Participant may not sell, pledge, or otherwise transfer any Stock contributed to the Participant’s Account on or after March 1, 2021, until after the first anniversary of the date the Stock was contributed to the Participant’s Account (the “Holding Period”). Such Holding Period requirement shall continue to apply after a Participant ceases participation under the Plan or ceases to be an Employee. Notwithstanding the foregoing, the Holding Period shall lapse upon a Participant’s termination of employment.

10.2.Other Transfer Restrictions. After the expiration of the Holding Period, a Participant’s right, if any, to transfer, mortgage, alienate, sell, assign, pledge, encumber or charge assets in his or her Account shall be subject to the rules and procedures established by the Plan Agent and applicable local law. Further, upon the Participant’s death, the Participant’s Account shall only be disposed of and distributed by the Plan Agent to the legal representative of the Participant’s estate in accordance with applicable law.

-6-

SECTION 11

MISCELLANEOUS

11.1.Voluntary Participation. Participation in the Plan is entirely voluntary, and by maintaining the Plan the Company is not making a recommendation as to whether any Eligible Employee should invest in Stock. Investment in any stock involves risk, and each Eligible Employee must decide whether to accept the risk of investing in Stock.

11.2.Employee Rights. The right of the Company or an Affiliated Company to discipline or discharge Employees, or to exercise rights related to the tenure of any individual’s employment, shall not be affected in any manner by reason of the existence of the Plan or any action taken pursuant to the Plan.

11.3.Construction. The Plan Administrator shall have full power and authority to interpret and construe the Plan, to adopt rules and regulations not inconsistent with the Plan for purposes of administering the Plan with respect to matters not specifically covered in the Plan document and to amend and revoke any rules and regulations so adopted. Except as otherwise provided in the Plan, any interpretation of the Plan and any decision on any matter within the discretion of the Plan Administrator which is made in good faith by the Plan Administrator shall be final and binding.

11.4.Interpretation. Section and subsection headings are for convenience of reference and not part of this Plan, and shall not influence its interpretation. Wherever any words are used in the Plan in the singular, masculine, feminine or neuter form, they shall be construed as though they were also used in the plural, feminine, masculine or non-neuter form, respectively, in all cases where such interpretation is reasonable.

11.5.Plan Amendment. The Company may, by written resolution of its Board of Directors or through action of the Compensation Committee of such Board (or their delegate), at any time and from time to time, amend the Plan in whole or in part.

11.6.Plan Termination. The Company may, by written resolution of its Board of Directors or through action of the Compensation Committee of such Board, terminate the Plan at any time. In the event the Plan terminates, the Participant’s Account shall be handled in the same manner as if the Participant had terminated employment with the Company and all Affiliated Companies.

11.7.Choice of Law. To the extent not preempted by applicable federal law, the construction and interpretation of the Plan shall be made in accordance with the laws of the State of Minnesota, but without regard to any choice or conflict of laws provisions thereof.

11.8.Acceptance of Terms. By electing to participate in the Plan, each Participant shall be deemed to have accepted all of the provisions of the Plan, and the terms and conditions set forth by the Plan Agent, and to have agreed to be fully bound thereby.

-7-

11.9.Computational Errors. In the event mathematical, accounting, or similar errors are made in maintaining Participant Accounts, the Plan Administrator or the Plan Agent, as the case may be, may make such equitable adjustments as it deems appropriate to correct such errors.

11.10.Communications. The Company, a Participating Employer or the Plan Agent may, unless otherwise prescribed by any applicable state or federal law or regulation, provide the Prospectus and any notices, forms or reports by using either paper or electronic means.

-8-

APPENDIX A

NVENT ELECTRIC PLC

INTERNATIONAL STOCK PURCHASE PLAN

Effective April 30, 2018

SECTION 1

BACKGROUND AND PURPOSE

1.1.Background. See “Section 1 – History and Background” of the Plan.

1.2.Purpose. The purpose of the terms and conditions of the Plan set forth in this Appendix A (the “International Plan”) is to assist the Company and its international subsidiaries in attracting and retaining personnel of outstanding abilities, to motivate employees to dedicate their maximum productive effort on behalf of the Company and its international branches and subsidiaries and to encourage long-term ownership of the Company’s common stock by such employees.

SECTION 2

DEFINITIONS

Unless the context clearly requires otherwise, (1) when capitalized, the terms listed below shall have the meanings given below when used in this Section or other parts of the International Plan and (2) when capitalized, terms used in the International Plan that are not defined in the International Plan shall have the meanings given in the other parts of the Plan.

(a)“Account” is the account maintained by the Company or the Plan Agent for each Participant to hold shares of Stock purchased in accordance with the International Plan, together with any other funds belonging to the Participant. A Participant’s rights with respect to his or her Account shall be subject to the terms and conditions established by the Committee or the Plan Agent from time to time and any applicable local laws.

(b)“Alternate Currency” is any currency other than United States dollars.

(c)“Board” is the Board of Directors of the Company.

(d)“Committee” is the International Stock Plan Committee, which is a committee of employees of the Company or its affiliates as appointed from time to time by the Board to administer the International Plan, or its designated agent.

(e)“Company” is nVent Electric plc, an Irish company, and any successor thereto.

-1-

(f)“Eligible Employee” is each regular or permanent full- or part-time employee of a Participating International Affiliate, as determined by the Committee in its sole discretion, who is at least eighteen (18) years of age and who is not covered by the parts of the Plan other than this Appendix A.

(g)“International Plan” is the nVent Electric plc International Stock Purchase Plan, as described in this Appendix A effective April 30, 2018, and as it may be amended from time to time thereafter.

(h)“Participant” is an Eligible Employee who is enrolled in the International Plan.

(i)“Participating International Affiliate” is any branch office of the Company, and any corporation or other form of business or association owned or controlled, directly or indirectly, by the Company, whose Eligible Employees are, by action of the Committee (or delegate thereof), permitted to participate in the International Plan. The Company shall maintain a list of Participating International Affiliates.

(j) “Plan” is the nVent Electric plc Employee Stock Purchase Plan as described in this plan document and as it may be amended from time to time.

(k)“Plan Agent” is the financial services firm or other entity duly appointed by the Committee to (i) receive funds contributed by Participants and Participating International Affiliates, (ii) purchase shares of Stock with funds contributed by Participants and Participating International Affiliates, and (iii) maintain Participant Accounts.

(l)“Stock” is the ordinary shares of nVent Electric plc, nominal value $0.01 per share.

SECTION 3

ADMINISTRATION

3.1.Administrator. The International Plan shall be administered by the Committee (or it delegate), which shall have full power and authority to interpret and construe any provision of the International Plan, to adopt rules and regulations not inconsistent with the International Plan for carrying out the purposes of the International Plan with respect to matters not specifically covered herein, to amend and revoke any rules or regulations so adopted and to appoint agents, including a custodian. Except as otherwise provided herein or to the extent required by law, any interpretation of the International Plan and any decision on any matter within the discretion of the Committee, which is made by the Committee in good faith, is binding on all persons. The Company may delegate its duties under the International Plan to its agents or to the Committee.

3.2.Rulemaking Authority. The Committee shall, to the extent necessary or desirable, establish any special rules for Eligible Employees, former employees, or Participants located in a particular country. Such rules shall be set forth in Appendices to this International Plan, which shall be deemed incorporated into the International Plan. Notwithstanding the

-2-

foregoing, the Committee and the Plan Agent, as applicable, may, in their discretion, establish special administrative rules and procedures related to a Participant located in a particular country or such Participant’s Account, as necessary under applicable local law.

SECTION 4

PARTICIPATION

Each Eligible Employee may participate in the International Plan at any time after the Effective Date by delivering an authorization for deductions from such individual’s compensation, in accordance with procedures established by the Committee or the Plan Agent.

Participation in the International Plan by Eligible Employees is entirely voluntary. After the Effective Date, participation in the International Plan will begin as soon as practicable after the required authorization is received and processed and continue until the Participant ceases to be an Eligible Employee, the Company terminates the participation of the Participant pursuant to Section 9 or written termination by the Participant of his or her participation in the International Plan is received and processed in accordance with procedures established by the Committee or the Plan Agent.

SECTION 5

PARTICIPANT CONTRIBUTIONS

Participants may make contributions for the purchase of Stock under the International Plan in accordance with the following:

5.1.Participant Contributions. Participants may authorize the relevant Participating International Affiliate to make periodic payroll deductions from the Participant’s compensation for the purpose of purchasing Stock, in accordance with procedures established by the Committee or its agent. The deductions shall be forwarded to the Company or the Plan Agent, as applicable, on behalf of the Participant. The minimum deduction allowed is 0.01% of Compensation per payroll period; the maximum deduction allowed is $12,000 USD per calendar year, which may be implemented on an annual, per month or per payroll period basis (including as a maximum percentage of Compensation) as determined by the Company in its discretion. A payroll deduction may be decreased or increased (subject to the above limitations) at any time by the Participant, in accordance with procedures established by the Committee or the Plan Agent, and such change shall be effective as soon as practicable thereafter. A payroll deduction may be terminated at any time by the Participant giving notice in accordance with procedures established by the Committee or the Plan Agent, and such change shall be effective as soon as practicable thereafter. A Participant who terminates his or her payroll deduction may re-enroll in the International Plan at any time by completing and returning the appropriate payroll deduction authorization in accordance with procedures established by the Committee or the Plan Agent, provided such individual is then an Eligible Employee, and such change shall be effective as soon as practicable thereafter.

5.2.Currency Conversion. The Company or the Plan Agent may convert all funds received from Participants in an Alternate Currency into United States dollars in accordance with procedures established by the Committee.

-3-

5.3.Suspension of Participant Contributions.    Notwithstanding any other provision herein to the contrary, the Company may, through action of the Compensation Committee of its Board of Directors, in its discretion, suspend Participant payroll deductions, and re-commence such contributions, at such times as the Compensation Committee may determine, in its sole discretion.

SECTION 6

EMPLOYER MATCHING CONTRIBUTIONS

6.1.Employer Matching Contributions. At the time or times determined by the Committee, the Participating International Affiliate that employs the Participant will forward to the Company or the Plan Agent, as applicable, for such Participant’s Account an amount equal to twenty-five percent (25%) of the amount contributed by such Participant in the form of payroll deductions pursuant to Section 5.1, subject to the limitations set forth therein.

6.2.Taxation. The Participant is responsible for the payment of all income taxes, employment, social insurance, welfare and other taxes under applicable law relating to the matching contributions made by the relevant Participating International Affiliate, the purchase and sale of Stock pursuant to this International Plan and the distribution of Stock or cash to the Participant in accordance with this International Plan. The Participating International Affiliate is authorized to make appropriate withholding deductions from each Participant’s compensation, which shall be in addition to any payroll deductions made pursuant to Section 5, and to pay such amounts to the appropriate tax authorities in the relevant country or countries in satisfaction of any of the above tax liabilities of the Participant, as required under applicable law. All such payments of applicable withholding tax in any relevant jurisdiction shall be the obligation of the relevant Participating International Affiliate and not the Company.

6.3.Suspension of Employer Contributions. Notwithstanding any other provision herein to the contrary, the Company may, through action of the Compensation Committee of its Board of Directors, in its discretion, suspend Participating International Affiliate contributions made pursuant to this Section 6, and re-commence such contributions, at such times as the Compensation Committee may determine, in its sole discretion.

SECTION 7

PURCHASES OF STOCK; DISPOSITION OF ACCOUNT

7.1.Forwarding Funds. All funds deducted from a Participant’s compensation by the relevant Participating International Affiliate and the matching contributions made by the relevant Participating International Affiliate shall be forwarded to the Company or the Plan Agent, together with a list of Participants and the amounts allocable to their respective Accounts, in accordance with procedures established by the Committee. Subject to applicable local law, until such contributions are transferred to the Plan Agent for purposes of purchasing Stock under the International Plan, the amounts so collected may be commingled with the general assets of the Company or the Participating International Affiliate and used for general purposes and no interest shall be paid in connection with such amounts.

-4-

7.2.Purchasing Stock. Upon receipt of funds from the Participating International Affiliates, the Company or the Plan Agent shall, as promptly as practicable, purchase Stock on the open market for such Participant’s Account. The relevant Participating International Affiliate shall pay commissions on the purchases of such Stock and such other related charges as may be agreed from time to time. The Plan Agent shall make all such purchases on a single business day or over a number of business days in the month, as agreed to by the Plan Agent and the Committee. The Stock so purchased shall be allocated to the Participant’s Account on behalf of whom purchases were made based on (i) the actual purchase price for such Stock, in such case where the Plan Agent makes a single purchase of Stock under the Plan in one day or (ii) an average purchase price, as determined by the Committee and the Plan Agent, in the case where multiple purchases are made on one or more than one day. No interest shall be paid on cash amounts (if any) held by the Plan Agent regardless of whether such cash is being held in anticipation of the date on which Stock purchases shall be made or held pending a refund to a terminating Participant.

7.3.Distribution of Account. A Participant shall be eligible to receive a distribution of his or her Account in accordance with the rules and procedures established by the Committee or the Plan Agent from time to time.

SECTION 8

ACCOUNTS AND REPORTS

Each Participant shall receive quarterly, or at such other intervals as may be necessary or appropriate, a statement of activity from the Plan Agent, which may include the following information:

(a)the amount contributed for the period by the Participant and the relevant Participating International Affiliate pursuant to the International Plan;

(b)the number of shares purchased for the Participant’s Account during the period;

(c)the total number of shares held in the Participant’s Account; and

(d)such other information as required from time to time.

SECTION 9

ENDING PARTICIPATION

9.1.Termination of Participation. A Participant may voluntarily terminate participation in the International Plan at any time by giving written notice in accordance with procedures established by the Committee or the Plan Agent. In addition, a Participant’s participation in the International Plan may be automatically terminated if the Participant dies or terminates employment with the relevant Participating International Affiliate for any reason. A Participant whose participation in the International Plan terminates may reenter the International

-5-

Plan at any time in accordance with the procedures established under Section 5.1, provided he or she is then an Eligible Employee.

9.2.Disposition of Account Upon Termination of Participation. Upon termination of participation, a participant shall be eligible to receive a distribution of his or her Account in accordance with the rules and procedures established by the Committee or the Plan Agent from time to time.

SECTION 10

RIGHTS AS A STOCKHOLDER

10.1.Voting and Other Rights. Participants will not have any voting, dividend or other rights of a shareholder with respect to shares of Stock subject to this International Plan until such shares have been delivered to the Participant’s Account. Once the Stock is delivered to the Participant’s Account, he or she will be entitled to all notices and correspondence provided to any shareholder of record who is not a Participant, including proxy statements, in accordance with applicable law. The Company or Plan Agent, as applicable, shall be responsible for soliciting and receiving proxy instructions from each Participant and shall vote the Stock allocated to each Participant’s Account in accordance with the instructions, if any, provided by such Participant.

10.2.Dividends and Other Proceeds. Subject to any requirements under applicable local law, cash dividends paid on Stock held in a Participant’s Account shall, as elected by the Participant in accordance with procedures established by the Committee, be used by the Plan Agent to purchase additional shares of Stock on behalf of such Participant or paid directly to the Participant in cash.

SECTION 11

TRANSFER OF RIGHTS

11.1.Holding Period. Unless the Committee determines otherwise, a Participant may not sell, pledge, or otherwise transfer any Stock contributed to the Participant’s Account on or after March 1, 2021 until after the first anniversary of the date the Stock was contributed to the Participant’s Account (the “Holding Period”). Such Holding Period requirement shall continue to apply after a Participant ceases participation under the Plan or ceases to be an Employee. Notwithstanding the foregoing, the Holding Period shall lapse upon a Participant’s termination of employment.

11.2.Other Transfer Restrictions. After the expiration of the Holding Period, a Participant’s right, if any, to transfer, mortgage, alienate, sell, assign, pledge, encumber or charge assets in his or her Account shall be subject to the rules and procedures established by the Plan Agent and applicable local law. Further, upon the Participant’s death, the Participant’s Account shall only be disposed of and distributed by the Plan Agent to the legal representative of the Participant’s estate in accordance with applicable law.

-6-

SECTION 12

MISCELLANEOUS

12.1.Term of International Plan. This International Plan shall be effective April 30, 2018, and shall remain in effect for a period of ten (10) years after such effective date, unless earlier terminated as provided in Section 12.2(b).

12.2.Amendment and Termination.

(a)Plan Amendment. The Company may, by written resolution of the Board or through action of the Compensation Committee of such Board, at any time and from time to time, amend the International Plan in whole or in part.

(b)Plan Termination. The Company may, at any time, by written resolution of the Board or through action of the Compensation Committee of such Board, terminate the International Plan. In addition, the Board or the Compensation Committee of the Board may at any time terminate this International Plan as to any individual Participating International Affiliate.

12.3.Employment Relationship.

(a)Tenure of Employment. Nothing in this International Plan shall confer on any Participant any express or implied right to employment or continued employment by the Company or any Participating International Affiliate, whether for the duration of the International Plan or otherwise.

(b)Contract of Employment. This International Plan shall not form part of any contract of employment between the Company or any of the Participating International Affiliates nor shall this International Plan amend, abrogate or affect any existing employment contract between the Company or any of the Participating International Affiliates and their respective employees. Nothing in this International Plan shall confer on any person any legal or equitable right against the Company or any of its affiliates, directly or indirectly, or give rise to any cause of action at law or in equity against the Company or any of its affiliates.

(c)Severance. Neither the Stock purchased hereunder, any matching contributions made hereunder nor other benefits conferred hereby shall form any part of the wages or salary of any Eligible Employees for purposes of severance pay or termination indemnities, irrespective of the reason for termination of employment. Under no circumstances shall any person ceasing to be an employee of the Company or any of its affiliates be entitled to any compensation for any loss of any right or benefit under this International Plan which such employee might otherwise have enjoyed but for ceasing to be an employee, whether such compensation is claimed by way of damages for wrongful or unfair dismissal, breach of contract or otherwise.

-7-

12.4.Voluntary Participation. Participation in the International Plan is entirely voluntary, and by maintaining the International Plan the Company is not making a recommendation as to whether any Eligible Employee should invest in Stock. Investment in any stock involves risk, and each Eligible Employee must decide whether to accept the risk of investing in Stock.

12.5.Communications. The Company or a Participating International Affiliate may, unless otherwise prescribed by applicable laws or regulations, provide the prospectus and any notices, forms or reports by using either paper or electronic means.

12.6.Acceptance of Terms. By participating in the International Plan, each Participant shall be deemed to have accepted all the conditions of the International Plan and the terms and conditions of any rules and regulations adopted by the Committee or the Company and shall be fully bound thereby.

-8-

Special Rules - Germany

These special rules, adopted pursuant to Section 3.2 of the nVent Electric plc International Stock Purchase Plan, modify the terms of such Plan as in effect in Germany as follows:

The following section is added to Section 11, Transfer of Rights, of the International Plan:

11.3    Provisions Applicable in Germany. Notwithstanding the foregoing, if prior to the transfer of the Stock in a Participant’s Account to such Participant’s designated beneficiary the Company or its agent receives a certified copy of a Certificate of Heirship (“Erbschein”), then the Company or its agent shall transfer the relevant shares of Stock to only the person or persons named in such Certificate, without regard to whether such person demands the sale of Stock and payment in cash and without any further obligation on the part of the Company or its agent to investigate such transferees’ rights. If the Company or its agent transfers the Stock to a designated beneficiary or a person named in the Erbschein, the Company or its agent shall be released from all obligations to the Participant and the Participant’s successors, assigns, and other persons who may have an interest in the Participant’s Account.

-9-

EX-21

Exhibit 21

nVent Electric plc subsidiaries as of December 31, 2020

Name of Company	Jurisdiction of Incorporation
Alberta Electronic Company Limited	Hong Kong
Eldon AB	Sweden
Eldon AS	Norway
Eldon Austria GmbH	Austria
Eldon CS Enclosures Pvt Limited	India
Eldon Electric Limited	United Kingdom
Eldon Espana, S.A.U.	Spain
Eldon GmbH	Germany
Eldon Holding AB	Sweden
Eldon Holding Espana, S.L.U.	Spain
Eldon NV	Netherlands
Eldon SRL	Romania
Electronic Enclosures, LLC	United States
Enclosures, Inc.	United States
ERICO B.V.	Netherlands
ERICO Canada Inc.	Canada
ERICO Chile Comercial e Industrial Ltda.	Chile
ERICO del Pacifico Comercial e Industrial Ltda.	Chile
ERICO do Brasil Comercio e Industria Ltda.	Brazil
ERICO Europe B.V.	Netherlands
ERICO Europe Holding B.V.	Netherlands
ERICO France Sarl	France
ERICO GLOBAL COMPANY	United States
ERICO International Corporation	United States
ERICO Italia S.r.l.	Italy
ERICO Lightning Technologies Pty. Limited	Australia
ERICO Limited	Hong Kong
ERICO Ltd.	China
ERICO Mexico, S.A. de C.V.	Mexico
ERICO Poland SP. Z.o.o.	Poland
ERICO Products Australia Pty. Ltd	Australia
ERICO US Holding LLC	United States
Greenspan Singapore Private Limited	Singapore
Hoffman Enclosures (Mex.), LLC	United States
Hoffman Enclosures Mexico, S. de R.L. de C.V.	Mexico
Hoffman Enclosures Inc.	United States
Hoffman Schroff Asia Pte Ltd	Singapore
Hoffman Schroff de Mexico	Mexico
Hoffman Schroff Holdings, Inc.	United States
Hoffman Schroff Luxembourg S.a.r.l.	Luxembourg
Hoffman Schroff Manufacturing S. de R.L. de C.V.	Mexico
Hoffman Schroff Poland Sp.z.o.o.	Poland
Hoffman Schroff PTE Ltd	Singapore
Hoffman Schroff Sales S. de R.L. de C.V.	Mexico
Limited Liability Company nVent Rus	Russian Federation
Lionel Acquisition Co.	United States
nVent Armaturen Holding GmbH	Germany
nVent do Brasil Eletrometalurgica Ltda.	Brazil
nVent EFS Investments 1, LLC	United States
nVent EFS Investments 2, LLC	United States

nVent EFS Investments LP	United States
nVent Electrical Products (Shanghai) Co., Ltd.	China
nVent Electrical Products China Co., Ltd.	China
nVent Electrical Products India Private Limited	India
nVent Finance Group GmbH	Switzerland
nVent Finance Holding GmbH	Switzerland
nVent Finance NL B.V.	Netherlands
nVent Finance S.a.r.l.	Luxembourg
nVent Finland Oy	Finland
nVent Global S.a.r.l.	Luxembourg
nVent Holding NL B.V.	Netherlands
nVent Holdings C.V.	Netherlands
nVent Holdings S.A.	France
nVent Holdings, Inc.	United States
nVent International (UK) Ltd.	United Kingdom
nVent International Holding S.a.r.l.	Luxembourg
nVent International Holdings, Inc.	United States
nVent International Sales Corporation	United States
nVent Investments 1, LLC	United States
nVent Investments 2, LLC	United States
nVent Investments LP	United States
nVent Italy S.r.l.	Italy
nVent Japan Co., Ltd.	Japan
nVent Luxembourg S.a.r.l.	Luxembourg
nVent Management Company	United States
nVent Middle East FZE	United Arab Emirates
nVent Nordic AP	Sweden
nVent Project Services Canada, Inc.	Canada
nVent Services Canada Limited	Canada
nVent Services GmbH	Switzerland
nVent Services Holding GmbH	Switzerland
nVent Solutions (UK) Limited	United Kingdom
nVent Teknoloji Sistemleri Ticaret Limited Sirketi	Turkey
nVent Thermal (Shanghai) Co., Ltd.	China
nVent Thermal (Shanghai) Engineering Co., Ltd.	China
nVent Thermal Belgium NV	Belgium
nVent Thermal Canada Ltd.	Canada
nVent Thermal Czech s.r.o., v likvidaci	Czech Republic
nVent Thermal Europe GmbH	Switzerland
nVent Thermal France SAS	France
nVent Thermal Germany GmbH	Germany
nVent Thermal India Private Limited	India
nVent Thermal Korea Ltd.	Korea, Republic of
nVent Thermal KZ LLP	Kazakhstan
nVent Thermal LLC	United States
nVent Thermal Netherlands B.V.	Netherlands
nVent Thermal Norway AS	Norway
nVent Thermal Polska Sp. z.o.o.	Poland
nVent Thermal Romania S.R.L.	Romania
nVent UK Holdings Limited	United Kingdom
Optima Enclosures Limited	United Kingdom
Productos ERICO S.A.	Spain
Schroff Co. Ltd. Taiwan	Taiwan
Schroff GmbH	Germany
Schroff Holdings Germany	Germany

Schroff SAS	France
Schroff, Inc.	United States
Steinhauer GmbH	Germany
Tonka Bay Insurance Company	United States
Torgoterm AD*	Bulgaria
Tracer Construction LLC	United States
Tracer Industries Canada Limited	Canada
Tracer Industries Management LLC	United States
Tracer Industries, Inc.	United States
Yabaida Electronics (Shenzhen) Company Limited	China

All entities are 100% owned subsidiaries, unless otherwise indicated.

* 19% owned

EX-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement Nos. 333-224555, 333-224556 and 333-240176 on Form S-8 of our reports dated February 23, 2021, relating to the financial statements of nVent Electric plc (which report expresses an unqualified opinion and included an emphasis of matter paragraph regarding the allocation of expenses from Pentair plc for the periods prior to April 30, 2018) and the effectiveness of nVent Electric plc’s internal control over financial reporting appearing in this Annual Report on Form 10-K for the year ended December 31, 2020.

/s/ Deloitte & Touche LLP

Minneapolis, Minnesota

February 23, 2021

EX-24

Exhibit 24

Power of Attorney

KNOW ALL MEN BY THESE PRESENTS that the undersigned directors of nVent Electric plc, an entity organized under the laws of Ireland, hereby constitute and appoint Beth A. Wozniak and Jon D. Lammers, or either of them, his/her attorney-in-fact and agent, with full power of substitution, for the purpose of signing on his/her behalf as a director of nVent Electric plc the Annual Report on Form 10-K, to be filed with the Securities and Exchange Commission within the next sixty days, and to file the same, with all exhibits thereto and other supporting documents, with the Securities and Exchange Commission, granting unto such attorney-in-fact, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted.

Date: February 23, 2021

Signature	Title
/s/ Jerry W. Burris	Director
Jerry W. Burris
/s/ Susan M. Cameron	Director
Susan M. Cameron
/s/ Michael L. Ducker	Director
Michael L. Ducker
/s/ Randall J. Hogan	Director
Randall J. Hogan
/s/ Ronald L. Merriman	Director
Ronald L. Merriman
/s/ Nicola Palmer	Director
Nicola Palmer
/s/ Herbert K. Parker	Director
Herbert K. Parker
/s/ Jacqueline Wright	Director
Jacqueline Wright

EX-31.1

Exhibit 31.1

Certification

I, Beth A. Wozniak, certify that:

1.    I have reviewed this annual report on Form 10-K of nVent Electric plc;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	February 23, 2021	/s/ Beth A. Wozniak
		Beth A. Wozniak
		Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification

I, Sara E. Zawoyski, certify that:

1.    I have reviewed this annual report on Form 10-K of nVent Electric plc;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	February 23, 2021	/s/ Sara E. Zawoyski
		Sara E. Zawoyski
		Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of CEO Pursuant To

18 U.S.C. Section 1350,

As Adopted Pursuant To

Section 906 Of The Sarbanes-Oxley Act Of 2002

In connection with the Annual Report of nVent Electric plc (the “Company”) on Form 10-K for the period ended December 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Beth A. Wozniak, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date:	February 23, 2021	/s/ Beth A. Wozniak
		Beth A. Wozniak
		Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification of CFO Pursuant To

18 U.S.C. Section 1350,

As Adopted Pursuant To

Section 906 Of The Sarbanes-Oxley Act Of 2002

In connection with the Annual Report of nVent Electric plc (the “Company”) on Form 10-K for the period ended December 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sara E. Zawoyski, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date:	February 23, 2021	/s/ Sara E. Zawoyski
		Sara E. Zawoyski
		Executive Vice President and Chief Financial Officer

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-38265
Entity Registrant Name	nVent Electric plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1391970
Entity Address, Address Line One	The Mille, 1000 Great West Road, 8th Floor (East)
Entity Address, City or Town	London
Entity Address, Postal Zip Code	TW8 9DW
Entity Address, Country	GB
Country Region	44
City Area Code	20
Local Phone Number	3966-0279
Title of 12(b) Security	Ordinary Shares, nominal value $0.01 per share
Trading Symbol	NVT
Entity Central Index Key	0001720635
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float		$ 3,149,938,990
Entity Common Stock, Shares Outstanding	168,182,047
Documents Incorporated by Reference	Parts of the Registrant's definitive proxy statement for its annual general meeting to be held on May 14, 2021, are incorporated by reference in this Form 10-K in response to Part III, ITEM 10, 11, 12, 13 and 14.
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true

XML

Consolidated and Combined Statements of Operations and Comprehensive Income - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net sales	$ 1,998,600,000	$ 2,204,000,000.0	$ 2,213,600,000
Cost of Goods and Services Sold	1,249,200,000	1,338,200,000	1,337,500,000
Gross profit	749,400,000	865,800,000	876,100,000
Selling, general and administrative	447,000,000.0	484,500,000	519,700,000
Research and development	43,500,000	48,200,000	45,600,000
Impairment of goodwill and trade names	220,500,000	0	0
Operating income	38,400,000	333,100,000	310,800,000
Net interest expense	36,400,000	44,700,000	31,200,000
Other expense	11,500,000	31,000,000.0	10,900,000
Income (loss) before income taxes	(9,500,000)	257,400,000	268,700,000
Provision for income taxes	37,700,000	34,700,000	37,900,000
Net income (loss)	(47,200,000)	222,700,000	230,800,000
Comprehensive income (loss), net of tax
Net income	(47,200,000)	222,700,000	230,800,000
Changes in cumulative translation adjustment	(3,700,000)	4,800,000	(48,200,000)
Changes in market value of derivative financial instruments, net of tax	7,100,000	4,400,000	(2,500,000)
Comprehensive income (loss)	$ (43,800,000)	$ 231,900,000	$ 180,100,000
Earnings (loss) per ordinary share
Basic (dollars per share)	$ (0.28)	$ 1.30	$ 1.29
Diluted (dollars per share)	$ (0.28)	$ 1.29	$ 1.28
Weighted average ordinary shares outstanding
Basic (shares)	169.6	171.6	178.6
Diluted (shares)	169.6	173.0	180.8

XML

Consolidated and Combined Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 122.5	$ 106.4
Accounts and notes receivable, net of allowances of $6.2 and $5.4, respectively	313.8	334.3
Inventories	235.2	244.7
Other current assets	92.9	113.3
Total current assets	764.4	798.7
Property, plant and equipment, net	289.4	284.5
Other assets
Goodwill	2,098.2	2,279.1
Intangibles, net	1,105.5	1,160.5
Other non-current assets	108.6	117.5
Total other assets	3,312.3	3,557.1
Total assets	4,366.1	4,640.3
Current liabilities
Current maturities of long-term debt and short-term borrowings	20.0	17.5
Accounts payable	171.1	187.1
Employee compensation and benefits	70.4	71.9
Other current liabilities	188.5	185.7
Total current liabilities	450.0	462.2
Other liabilities
Long-term debt	928.0	1,047.1
Pension and other post-retirement compensation and benefits	237.9	207.2
Deferred tax liabilities	230.1	237.8
Other non-current liabilities	110.3	93.5
Total liabilities	1,956.3	2,047.8
Equity
Ordinary shares $0.01 par value, 400.0 million authorized, 168.2 million and 169.5 million issued at December 31, 2020 and 2019, respectively	1.7	1.7
Additional paid-in capital	2,482.6	2,502.7
Retained earnings	20.7	186.7
Accumulated other comprehensive loss	(95.2)	(98.6)
Total equity	2,409.8	2,592.5
Total liabilities and equity	$ 4,366.1	$ 4,640.3

XML

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowances	$ 6.2	$ 5.4
Common stock, par value (per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000.0	400,000,000.0
Common stock, shares issued	168,200,000	169,500,000

XML

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ (47.2)	$ 222.7	$ 230.8
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation	38.4	35.4	36.2
Amortization	64.2	61.4	60.9
Deferred income taxes	(2.9)	(24.6)	(23.6)
Share-based compensation	13.9	16.1	12.8
Impairment of trade names	220.5	0.0	0.0
Pension and other post-retirement expense	17.2	36.5	14.9
Pension and other post-retirement contributions	(6.8)	(5.8)	(6.7)
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable	28.3	26.6	(1.3)
Inventories	18.3	0.9	(12.0)
Other current assets	21.5	10.2	7.3
Accounts payable	(18.6)	(7.9)	13.4
Employee compensation and benefits	(4.2)	(6.6)	6.8
Other current liabilities	1.5	(16.9)	27.5
Other non-current assets and liabilities	(0.1)	(11.7)	(23.5)
Net cash provided by (used for) operating activities of continuing operations	344.0	336.3	343.5
Investing activities
Capital expenditures	(40.0)	(38.8)	(39.5)
Proceeds from sale of property and equipment	2.0	6.3	2.4
Acquisitions, net of cash acquired	(27.0)	(127.8)	(2.0)
Net cash provided by (used for) investing activities	(65.0)	(160.3)	(39.1)
Financing activities
Net repayments of short-term borrowings	0.0	0.0	(0.3)
Net receipts (repayments) of revolving credit facility	(100.0)	134.6	0.0
Proceeds from long-term debt	0.0	0.0	1,000.0
Repayment of long-term debt	(17.5)	(14.1)	(52.5)
Debt issuance costs	0.0	0.0	(9.9)
Cash provided at separation to former Parent	0.0	0.0	(993.6)
Dividends paid	(119.0)	(120.7)	(62.9)
Shares issued to employees, net of shares surrendered	7.2	9.5	8.6
Repurchases of ordinary shares	(43.2)	(235.7)	(56.0)
Net cash provided by (used for) financing activities	(272.5)	(226.4)	(166.6)
Effect of exchange rate changes on cash and cash equivalents	9.6	(2.2)	(5.7)
Change in cash and cash equivalents	16.1	(52.6)	132.1
Cash and cash equivalents, beginning of year	106.4	159.0	26.9
Cash and cash equivalents, end of year	122.5	106.4	159.0
Cash paid for interest, net	47.1	52.3	34.7
Cash paid for income taxes, net	$ 39.2	$ 60.8	$ 57.4

XML

Consolidated and Combined Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions	Total	Ordinary shares	Additional paid-in capital	Retained earnings	Net Parent Investment	Accumulated other comprehensive loss
Cumulative effect of accounting changes | Accounting Standards Update 2014-09	$ (172.7)				$ (172.7)
Balance (in shares) at Dec. 31, 2017		0.0
Beginning Balance at Dec. 31, 2017	3,791.3	$ 0.0	$ 0.0	$ 0.0	3,848.4	$ (57.1)
Net income	230.8			177.3	53.5
Other comprehensive income, net of tax	(50.7)					(50.7)
Net transfers from former Parent	14.6				14.6
Cash provided at separation to Parent	(993.6)				(993.6)
Reclassification of Net Parent investment to additional paid-in capital	0.0		2,750.2		(2,750.2)
Issuance of common stock upon separation (in shares)		(178.4)
Issuance of common stock upon separation	(1.8)	$ (1.8)
Shares surrendered by employees to pay taxes (in shares)		(0.2)
Shares surrendered by employees to pay taxes	(3.5)		(3.5)
Dividends declared	(93.9)			(93.9)
Share repurchase (in shares)		(2.4)
Share repurchases	(59.0)		(59.0)
Exercise of options, net of shares tendered for payment (in shares)		1.0
Exercise of options, net of shares tendered for payment	12.1		12.1
Issuance of restricted shares, net of cancellations (in shares)		0.4
Share-based compensation	9.9		9.9
Balance (in shares) at Dec. 31, 2018		177.2
Ending Balance at Dec. 31, 2018	2,687.1	$ 1.8	2,709.7	83.4	0.0	(107.8)
Net income	222.7			222.7	222.7
Other comprehensive income, net of tax	9.2					9.2
Shares surrendered by employees to pay taxes (in shares)		(0.1)
Shares surrendered by employees to pay taxes	(3.6)		(3.6)
Dividends declared	$ (119.4)			(119.4)
Share repurchase (in shares)	(9.0)	(8.9)
Share repurchases	$ (232.7)	$ (0.1)	(232.6)
Exercise of options, net of shares tendered for payment (in shares)		0.9
Exercise of options, net of shares tendered for payment	13.1		13.1
Issuance of restricted shares, net of cancellations (in shares)		0.4
Share-based compensation	16.1		16.1
Balance (in shares) at Dec. 31, 2019		169.5
Ending Balance at Dec. 31, 2019	2,592.5	$ 1.7	2,502.7	186.7	0.0	(98.6)
Net income	(47.2)			(47.2)
Other comprehensive income, net of tax	3.4					3.4
Shares surrendered by employees to pay taxes (in shares)		(0.2)
Shares surrendered by employees to pay taxes	(4.1)		(4.1)
Dividends declared	(118.8)			(118.8)
Share repurchase (in shares)		(2.3)
Share repurchases	(43.2)	$ 0.0	(43.2)
Exercise of options, net of shares tendered for payment (in shares)		0.7
Exercise of options, net of shares tendered for payment	11.3		11.3
Issuance of restricted shares, net of cancellations (in shares)		0.5
Share-based compensation	15.9		15.9
Balance (in shares) at Dec. 31, 2020		168.2
Ending Balance at Dec. 31, 2020	$ 2,409.8	$ 1.7	$ 2,482.6	$ 20.7	$ 0.0	$ (95.2)

XML

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Summary of Significant Accounting Policies

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 now an independent publicly-traded company and began "regular way" trading under the symbol "NVT" on the New York Stock Exchange on May 1, 2018.

Except where indicated, references below to transactions completed by nVent prior to April 30, 2018 refer to transactions completed by or on behalf of the Electrical reporting segment of the former Parent that are reflected on the consolidated and combined financial statements of nVent.

Basis of presentation

The consolidated and combined financial statements have been prepared in U.S. dollars ("USD") and in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Intercompany accounts and transactions have been eliminated.

The financial statements for periods prior to April 30, 2018 were prepared on a stand-alone basis derived from the consolidated financial statements and records of the former Parent as if nVent were operated on a stand-alone basis.

Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year.

Cost allocations

For periods prior to the separation, the consolidated and combined financial statements of nVent include general corporate expenses of the former Parent for certain support functions that were provided on a centralized basis, such as expenses related to executive management, finance, audit, legal, information technology, human resources, communications, facilities and employee benefits and compensation. These general corporate expenses are included in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) within Selling, general and administrative and Other expense. The amount allocated was $42.5 million for the year ended December 31, 2018, of which $10.3 million was historically recorded to the Electrical segment in the former Parent’s consolidated financial statements. These expenses were allocated to nVent on the basis of direct usage when identifiable, with the remainder allocated based on a proportional basis of net sales, headcount or other measures.

The Company considers the allocation methodology regarding general corporate expenses of the former Parent to be reasonable for all periods presented. Nevertheless, the consolidated and combined financial statements of nVent for periods prior to the separation may not reflect the actual expenses that would have been incurred and may not reflect nVent’s consolidated and combined results of operations, financial position and cash flows had it been a stand-alone company during the periods presented. Actual costs for periods prior to the separation that would have been incurred if nVent had been a stand-alone company would depend on multiple factors including organization structure, capital structure and strategic decisions made in various areas, including information technology and infrastructure. Transactions between nVent and the former Parent have been included in related party transactions in these consolidated and combined financial statements and were considered to be effectively settled at the time the transaction was recorded. The total net effect of the settlement of these transactions is reflected in the Consolidated and Combined Statements of Cash Flows as a financing activity.

For periods prior to the separation, certain nVent operations were included in the former Parent's U.S. federal and state income tax returns and substantially all income taxes on those operations have been paid by the former Parent. Income tax expense and other income tax related information contained in these consolidated and combined financial statements for periods prior to the separation are presented on a separate return approach as if nVent filed its own tax returns. Under this approach, the provision for income taxes represented income tax paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year calculated as if nVent was a stand-alone taxpayer filing hypothetical income tax returns where applicable. Current income tax liabilities were assumed to be immediately settled with the former Parent and relieved through the Net Parent investment account and the Net transfers to former Parent in the Consolidated and Combined Statements of Cash Flows.

Fiscal year

Our fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis.

Use of estimates

The preparation of our consolidated and combined financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these consolidated and combined financial statements and accompanying notes, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for valuation of goodwill and indefinite lived intangible assets, estimated losses on accounts receivable, estimated realizable value on excess and obsolete inventory, percentage of completion revenue recognition, assets acquired and liabilities assumed in acquisitions, contingent liabilities, income taxes and pension and other post-retirement benefits. Actual results could differ from our estimates.

Revenue recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those goods or providing services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

When determining whether the customer has obtained control of the goods or services, we consider any future performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in Accounting Standards Codification 606 - Revenue from Contracts with Customers. Generally, there is no post-shipment obligation on product sold other than warranty obligations in the normal and ordinary course of business.

Contract transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. For contracts with multiple performance obligations, stand-alone selling price is generally readily observable.

Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time accounted for 75%, 73% and 72% of our revenue for the years ended December 31, 2020, 2019 and 2018, respectively. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied; generally this occurs with the transfer of control upon shipment.

Revenue from products and services transferred to customers over time accounted for 25%, 27% and 28% of our revenue for the years ended December 31, 2020, 2019 and 2018, respectively. For the majority of our revenue recognized over time, we use an input measure to determine progress towards completion. Under this method, sales and gross profit are recognized as work is performed generally based on the relationship between the actual costs incurred and the total estimated costs at completion ("the cost-to-cost method") or based on efforts for measuring progress towards completion in situations in which this approach is more representative of the progress on the contract than the cost-to-cost method. Contract costs include labor, material, overhead and, when appropriate, general and administrative expenses. Changes to the original estimates may be required during the life of the contract and such estimates are reviewed on a regular basis. Sales and gross profit are adjusted using the cumulative catch-up method for revisions in estimated total contract costs. These reviews have not resulted in adjustments that were significant to our results of operations. For performance obligations related to long-term contracts, when estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined.

We use an output method to measure progress towards completion for certain of our Enclosures businesses, as this method appropriately depicts performance towards satisfaction of the performance obligation. Under the output method, revenue is recognized based on number of units produced.

We apply a practical expedient to expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. These costs primarily relate to sales commissions and are recorded in Selling, general and administrative in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Further, we do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be less than one year.

Sales returns

The right of return may exist explicitly or implicitly with our customers. Our return policy allows for customer returns only upon our authorization. Goods returned must be product we continue to market and must be in salable condition. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns based on historical sales levels, the timing and magnitude of historical sales return levels as a percent of sales, type of product, type of customer and a projection of this experience into the future.

Pricing and sales incentives

Our sales contracts may give customers the option to purchase additional goods or services priced at a discount. This can come in many forms, such as customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives.

We reduce the transaction price for certain customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives that represent variable consideration. Sales incentives given to our customers are recorded using either the expected value method or most likely amount approach for estimating the amount of consideration to which nVent shall be entitled. The expected value is the sum of probability-weighted amounts in a range of possible consideration amounts. An expected value is an appropriate estimate of the amount of variable consideration when there are a large number of contracts with similar characteristics. The most likely amount is the single most likely amount in a range of possible consideration amounts (that is, the single most likely outcome of the contract). The most likely amount is an appropriate estimate of the amount of variable consideration if the contract has limited possible outcomes (for example, an entity either achieves a performance bonus or does not).

Pricing is established at or prior to the time of sale with our customers and we record sales at the agreed-upon net selling price. However, certain of our businesses allow customers to apply for a refund of a percentage of the original purchase price if they can demonstrate sales to a qualifying end customer. We use the expected value method to estimate the anticipated refund to be paid based on historical experience and the transaction price is reduced for the probable cost of the discount.

Volume-based incentives involve rebates that are negotiated at or prior to the time of sale with the customer and are redeemable only if the customer achieves a specified cumulative level of sales or sales increase. Under these incentive programs, at the time of sale, we estimate the anticipated rebate to be paid based on forecasted sales levels. These forecasts are updated at least quarterly for each customer and the transaction price is reduced for the anticipated cost of the rebate. If the forecasted sales for a customer changes, the accrual for rebates is adjusted to reflect the new amount of rebates expected to be earned by the customer.

Shipping and handling costs

Amounts billed to customers for shipping and handling activities after the customer obtains control are treated as a promised service performance obligation and recorded in Net sales in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Shipping and handling costs incurred by nVent for the delivery of goods to customers are considered a cost to fulfill the contract and are included in Cost of goods sold in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss).

Contract assets and liabilities

Contract assets consist of unbilled amounts resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, such as when the customer retains a small portion of the contract price until completion of the contract. We typically receive interim payments on sales under long-term contracts as work progresses, although for some contracts, we may be entitled to receive an advance payment. Contract liabilities consist of advanced payments and billings in excess of costs incurred and deferred revenue.

Contract assets are recorded within Other current assets and contract liabilities are recorded within Other current liabilities in the Consolidated Balance Sheets.

Research and development

We conduct research and development (“R&D”) activities in our own facilities, which consist primarily of the development of new products, product applications and manufacturing processes.

Cash equivalents

We consider highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents.

Trade receivables and concentration of credit risk

We record an allowance for doubtful accounts to reduce our receivables balance by the amount that is estimated to be uncollectible from our customers, or the expected loss. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, including write-offs and recoveries, periodic credit evaluations of our customers' financial situation, and current circumstances as well as reasonable and supportable forecasts of future economic conditions. We generally do not require collateral. No customer receivable balances exceeded 10% of total net receivable balances as of December 31, 2020 or 2019.

Inventories

Inventories are stated at the lower of cost or net realizable value with substantially all inventories recorded using the first-in, first-out ("FIFO") cost method.

Property, plant and equipment, net

Property, plant and equipment is stated at historical cost. We compute depreciation by the straight-line method based on the following estimated useful lives:

	Years
Land improvements	5 to 20
Buildings and leasehold improvements	5 to 50
Machinery and equipment	3 to 15

Significant improvements that add to productive capacity or extend the lives of properties are capitalized. Costs for repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the recorded cost of the assets and their related accumulated depreciation are removed from the Consolidated Balance Sheets and any related gains or losses are included in income.

We review the recoverability of long-lived assets to be held and used, such as property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset or asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. Impairment losses on long-lived assets held for sale are determined in a similar manner, except that fair values are reduced for the cost to dispose of the assets. The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets. We recorded no material impairment charges in 2020, 2019 or 2018.

The following table presents geographic Property, plant and equipment, net by region as of December 31:

In millions	2020		2019
U.S. & Canada	$	159.0	$	160.7
Mexico	39.6		42.1
EMEA (1)	78.8		75.0
Rest of World (2)	12.0		6.7
Consolidated	$	289.4	$	284.5
(1) EMEA includes Europe, Middle East and Africa
(2) Rest of World includes Latin America and Asia-Pacific

Goodwill and identifiable intangible assets

Goodwill

Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible net assets and identifiable intangible assets purchased and liabilities assumed.

Goodwill is tested annually for impairment and is tested for impairment more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test is performed by comparing the fair value of each reporting unit with its carrying amount, and recognizing 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.

As a result of the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry, we concluded a triggering event occurred during the third quarter of 2020 for our Thermal Management reporting unit requiring an impairment test as of September 30, 2020. In order to perform the goodwill impairment test for the Thermal Management reporting unit, including consideration of market-based inputs such as a market capitalization reconciliation, we determined it was appropriate to measure the fair value of all of our reporting units as of September 30, 2020. There were no significant changes in facts or circumstances that resulted in a change in assumptions between our September 30, 2020 interim impairment assessment date and our October 1, 2020 annual impairment assessment date.

The fair value of each reporting unit is determined using a discounted cash flow analysis and market approach. Determining the fair value of the reporting units required the use of significant judgment, including assumptions about future revenues and expenses, capital expenditures and changes in working capital and discount rates, which are based on our annual operating plan and long-term business plan. These plans take into consideration numerous factors including historical experience, anticipated future economic conditions, including the impacts from the COVID-19 pandemic and growth expectations for the industries and end markets in which the reporting unit participates. The level of judgment and estimation is inherently higher in the current environment considering the uncertainty created by the COVID-19 pandemic. We have evaluated numerous factors and made significant assumptions, which include the severity and duration of the business disruption, the potential impact on customer demand, the timing and degree of economic recovery and ultimately, the combined effect of these assumptions on our future operating results and cash flows. Inputs used to estimate these fair values included significant unobservable inputs that reflect the Company’s assumptions about the inputs that market participants would use and, therefore, the fair value assessments are classified within Level 3 of the fair value hierarchy defined by the accounting guidance.

In estimating fair value using the market approach, we identify a group of comparable publicly-traded companies for each reporting unit that are similar in terms of size and product offering. These groups of comparable companies are used to develop multiples based on total market-based invested capital as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”). We determine our estimated values by applying these comparable EBITDA multiples to the operating results of our reporting units. The ultimate fair value of each reporting unit is determined considering the results of both valuation methods.

As a result of this analysis, in the third quarter of 2020 we recognized a pre-tax, non-cash goodwill impairment expense of $212.3 million related to the Thermal Management reporting unit. Subsequent to the impairment expense recorded in the quarter, the remaining goodwill for the Thermal Management reporting unit was $712.5 million. The impairment resulted in a $21.6 million income tax benefit associated with the proportionate share of tax deductible goodwill. The impairment expense is included in Impairment of goodwill and trade names on the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). There was no impairment expense recorded in 2019 and 2018 related to goodwill.

Identifiable intangible assets

Our primary identifiable intangible assets include customer relationships, trade names, proprietary technologies and patents. Identifiable intangibles with definite lives are amortized and those identifiable intangibles with indefinite lives are not amortized. Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. We complete our annual impairment test during the fourth quarter each year for those identifiable assets not subject to amortization.

Due to the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry discussed above, we determined it was appropriate to measure the fair value of all of our identifiable intangible assets along with our reporting units as of September 30, 2020. There were no significant changes in facts or circumstances that resulted in a change in assumptions between our September 30, 2020 interim impairment assessment date and our October 1, 2020 annual impairment assessment date.

The impairment test for trade names consists of a comparison of the fair value of the trade name with its carrying value. Fair value is measured using the relief-from-royalty method. This method assumes the trade name has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the

future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital. The non-recurring fair value measurement is a Level 3 measurement under the fair value hierarchy described below.

In 2020, we recognized a pre-tax, non-cash impairment expense of $8.2 million related to trade names. The impairment expense was recorded in Impairment of goodwill and trade names in our Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). There were no impairment expense recorded in 2019 or 2018 related to identifiable intangible assets.

Income taxes

We use the asset and liability approach to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. We maintain valuation allowances unless it is more likely than not that all or a portion of the deferred tax assets will be realized. Changes in valuation allowances from period to period are included in our tax provision in the period of change. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is more likely than not to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Pension and other post-retirement plans

We sponsor defined-benefit pension plans and a post-retirement health plan. The pension and other post-retirement benefit costs for these plans are determined from actuarial assumptions and methodologies, including discount rates and expected returns on plan assets. These assumptions are updated annually and are disclosed in Note 12.

For periods prior to the separation, certain nVent employees participated in defined benefit pension plans and post-retirement health plans sponsored by the former Parent. For purposes of these consolidated and combined financial statements, nVent accounted for these plans as multi-employer benefit plans. Accordingly, nVent did not record an asset or liability to recognize the funded status of these plans. However, nVent did record its share of the allocated expense, including net actuarial gains or losses described below.

We recognize changes in the fair value of plan assets and net actuarial gains or losses for pension and other post-retirement benefits annually in the fourth quarter each year (“mark-to-market adjustment”) and, if applicable, in any quarter in which an interim remeasurement is triggered. Net actuarial gains and losses occur when the actual experience differs from any of the various assumptions used to value our pension and other post-retirement plans or when assumptions change, as they may each year. The remaining components of pension expense, including service and interest costs and estimated return on plan assets, are recorded on a quarterly basis.

Earnings (loss) per ordinary share

Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding. Diluted earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding including the dilutive effects of ordinary share equivalents.

Derivative financial instruments

We recognize all derivatives, including those embedded in other contracts, as either assets or liabilities at fair value in our Consolidated Balance Sheets. If the derivative is designated and is effective as a cash-flow hedge, the effective portion of changes in the fair value of the derivative are recorded in Accumulated other comprehensive income (loss) ("AOCI") as a separate component of equity in the Consolidated Balance Sheets and are recognized in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) when the hedged item affects earnings. For a derivative that is not designated as or does not qualify as a hedge, changes in fair value are reported in earnings immediately.

Gains and losses on net investment hedges are included in AOCI as a separate component of equity in the Consolidated Balance Sheets.

We use derivative instruments for the purpose of hedging interest rate and currency exposures, which exist as part of ongoing business operations. We do not hold or issue derivative financial instruments for trading or speculative purposes. All other contracts that contain provisions meeting the definition of a derivative also meet the requirements for the normal purchases and normal sales scope exception. Our policy is not to enter into contracts with terms that cannot be designated as normal purchases or sales. From time to time, we may enter into short duration foreign currency contracts to hedge foreign currency risks.

Fair value measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date:

Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets.

Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

Foreign currency translation

The financial statements of subsidiaries located outside of the U.S. are generally measured using the local currency as the functional currency, except for certain corporate entities outside of the U.S. which are measured using USD. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date. Income and expense items are translated at average monthly rates of exchange. The resultant translation adjustments are included in AOCI as a separate component of equity.

Adoption of new accounting standards

On January 1, 2019, we adopted Accounting Standards Update ("ASU") No. 2016-02, “Leases” using the alternative transition method and did not recast comparative periods in transition to the new standard. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification. We also elected to apply the practical expedient to not separate non-lease components from the lease components for all leases. Accordingly, all costs associated with a lease contract are accounted for as lease cost. In addition, we did not elect to apply the hindsight practical expedient. Adoption of the new standard resulted in the recording of additional right-of-use assets and lease liabilities of $44.2 million, as of January 1, 2019. The adoption of the standard did not have a material impact on our Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) or our Consolidated and Combined Statements of Cash Flows. We implemented internal controls and key system functionality to enable the preparation of financial information upon adoption.

Effective January 1, 2020, we adopted ASU 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.

XML

Revenue

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue

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:

	Year ended December 31, 2020
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	618.7	$	416.1	$	260.2	$	1,295.0
Developed Europe (1)	238.2		104.8		128.7		471.7
Developing (2)	82.3		33.3		74.1		189.7
Other Developed (3)	13.7		14.9		13.6		42.2
Total	$	952.9	$	569.1	$	476.6	$	1,998.6

	Year ended December 31, 2019
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	715.5	$	414.7	$	351.9	$	1,482.1
Developed Europe (1)	212.5		109.3		136.3		458.1
Developing (2)	92.5		42.0		87.7		222.2
Other Developed (3)	13.3		13.6		14.7		41.6
Total	$	1,033.8	$	579.6	$	590.6	$	2,204.0

	Year ended December 31, 2018
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	704.3	$	397.8	$	351.4	$	1,453.5
Developed Europe (1)	202.7		110.8		174.4		487.9
Developing (2)	101.0		47.1		80.9		229.0
Other Developed (3)	11.7		15.0		16.5		43.2
Total	$	1,019.7	$	570.7	$	623.2	$	2,213.6
(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:

	Year ended December 31, 2020
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	582.2	$	110.2	$	183.3	$	875.7
Commercial & Residential	111.1		322.0		172.7		605.8
Energy	85.8		60.3		114.3		260.4
Infrastructure	173.8		76.6		6.3		256.7
Total	$	952.9	$	569.1	$	476.6	$	1,998.6

	Year ended December 31, 2019
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	623.2	$	114.7	$	240.4	$	978.3
Commercial & Residential	113.2		338.1		186.2		637.5
Energy	103.4		55.2		155.5		314.1
Infrastructure	194.0		71.6		8.5		274.1
Total	$	1,033.8	$	579.6	$	590.6	$	2,204.0

	Year ended December 31, 2018
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	626.1	$	112.7	$	263.0	$	1,001.8
Commercial & Residential	87.5		329.7		187.7		604.9
Energy	103.4		52.1		166.9		322.4
Infrastructure	202.7		76.2		5.6		284.5
Total	$	1,019.7	$	570.7	$	623.2	$	2,213.6

Contract balances

Contract assets and liabilities consisted of the following:

In millions	December 31, 2020		December 31, 2019		$ Change		% Change
Contract assets	$	45.6	$	69.4	$	(23.8)	(34.3	%)
Contract liabilities	11.3		13.7		(2.4)		(17.5	%)
Net contract assets	$	34.3	$	55.7	$	(21.4)	(38.4	%)

In millions	December 31, 2019		December 31, 2018		$ Change		% Change
Contract assets	$	69.4	$	74.4	$	(5.0)	(6.7	%)
Contract liabilities	13.7		13.2		0.5		3.8	%
Net contract assets	$	55.7	$	61.2	$	(5.5)	(9.0	%)

The $21.4 million and the $5.5 million decreases in net contract assets in 2020 and 2019, respectively, were primarily the result of timing of milestone payments. The majority of our contract liabilities at December 31, 2019 and 2018 were recognized in revenue as of December 31, 2020 and December 31, 2019, respectively. There were no material impairment losses recognized on our contract assets for the twelve months ended December 31, 2020 and 2019.

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 December 31, 2020, we had $86.3 million of remaining performance obligations on contracts with 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.

XML

Restructuring

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring

RestructuringDuring 2020, 2019 and 2018, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Additionally in 2020, we initiated certain actions in response to the decrease in expected demand attributed to the effects 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 years ended December 31, 2020, 2019 and 2018 included a reduction in hourly and salaried headcount of approximately 500, 400 and 50 employees, respectively.

Restructuring related costs included in Selling, general and administrative in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) included costs for severance and other restructuring costs as follows:

	Years ended December 31
In millions	2020		2019		2018
Severance and related costs	$	15.0	$	19.6	$	7.3
Other	2.7		2.3		0.4
Total restructuring costs	$	17.7	$	21.9	$	7.7

Other restructuring costs primarily consist of asset impairment and various contract termination costs.

Restructuring costs by reportable segment were as follows:

	Years ended December 31
In millions	2020		2019		2018
Enclosures	$	8.5	$	5.3	$	1.3
Electrical & Fastening Solutions	1.0		2.2		1.9
Thermal Management	6.2		6.6		2.8
Other	2.0		7.8		1.7
Consolidated	$	17.7	$	21.9	$	7.7

Activity related to accrued severance and related costs recorded in Other current liabilities in the Consolidated Balance Sheets is summarized as follows:

	Years ended December 31
In millions	2020		2019
Beginning balance	$	9.5	$	3.8
Costs incurred	15.0		19.6
Cash payments and other	(17.9)		(13.9)
Ending balance	$	6.6	$	9.5

XML

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share, Basic and Diluted [Abstract]

Earnings Per Share

Earnings (Loss) Per ShareBasic and diluted earnings (loss) per share were calculated as follows:

	Years ended December 31
In millions, except per share data	2020		2019		2018
Net income (loss)	$	(47.2)	$	222.7	$	230.8
Weighted average ordinary shares outstanding
Basic	169.6		171.6		178.6
Dilutive impact of stock options, restricted stock units and performance share units	—		1.4		2.2
Diluted	169.6		173.0		180.8
Earnings (loss) per ordinary share
Basic earnings (loss) per ordinary share	$	(0.28)	$	1.30	$	1.29
Diluted earnings (loss) per ordinary share	$	(0.28)	$	1.29	$	1.28
Anti-dilutive stock options excluded from the calculation of diluted earnings (loss) per share	4.2		2.1		1.0

XML

Acquisitions (Notes)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Acquisitions

Acquisitions

On August 30, 2019, we completed the acquisition of Eldon Holding AB ("Eldon") for $127.8 million, net of cash acquired. Eldon, now part of our Enclosures segment, is an innovative European based manufacturer of enclosures that protect sensitive electrical, electronic and data and telecommunications components.

The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $51.2 million, none of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $46.7 million of definite-lived customer relationships with an estimated useful life of 17 years.

On February 10, 2020, we acquired substantially all of the assets of WBT LLC ("WBT") for $29.9 million in cash. The U.S. based WBT business manufactures high-quality cable tray systems that will be marketed as part of the nVent CADDY product line within our Electrical and Fastening Solutions segment and nVent HOFFMAN product line within our Enclosures segment.

The excess purchase price over tangible net assets and identified intangible assets acquired has been preliminarily allocated to goodwill in the amount of $13.7 million, substantially all of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $11.3 million of definite-lived customer relationships with an estimated useful life of 12 years.

The pro forma impact of these acquisitions is not material.

XML

Goodwill and Other Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Identifiable Intangible Assets

Goodwill and Other Identifiable Intangible Assets

The changes in the carrying amount of goodwill by reportable segment were as follows:

In millions	December 31, 2019		Acquisitions/ divestitures		Impairment		Foreign currency translation/other		December 31, 2020
Enclosures	$	315.4	$	6.4	$	—	$	10.3	$	332.1
Electrical & Fastening Solutions	1,038.2		13.7		—		—		1,051.9
Thermal Management	925.5		—		(212.3)		1.0		714.2
Total goodwill	$	2,279.1	$	20.1	$	(212.3)	$	11.3	$	2,098.2

In millions	December 31, 2018		Acquisitions/ divestitures		Impairment		Foreign currency translation/other		December 31, 2019
Enclosures	$	272.0	$	45.1	$	—	$	(1.7)	$	315.4
Electrical & Fastening Solutions	1,038.2		—		—		—		1,038.2
Thermal Management	924.1		—		—		1.4		925.5
Total goodwill	$	2,234.3	$	45.1	$	—	$	(0.3)	$	2,279.1

In 2020, we recognized pre-tax, non-cash impairment expense of $212.3 million related to goodwill in the Thermal Management reporting unit. There was no impairment expense recorded in 2019 or 2018 related to goodwill.

Identifiable intangible assets consisted of the following at December 31:

	2020						2019
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,214.5	$	(389.6)	$	824.9	$	1,197.9	$	(326.1)	$	871.8
Proprietary technologies and patents	16.3		(8.8)		7.5		14.8		(7.4)		7.4
Total definite-life intangibles	1,230.8		(398.4)		832.4		1,212.7		(333.5)		879.2
Indefinite-life intangibles
Trade names	273.1		—		273.1		281.3		—		281.3
Total intangibles	$	1,503.9	$	(398.4)	$	1,105.5	$	1,494.0	$	(333.5)	$	1,160.5

Identifiable intangible asset amortization expense in 2020, 2019 and 2018 was $64.2 million, $61.4 million and $60.9 million, respectively. In 2020, we recognized pre-tax, non-cash impairment expense of $8.2 million related to trade names. There was no impairment expense recorded in 2019 or 2018 related to trade names.

Estimated future amortization expense for identifiable intangible assets during the next five years is as follows:

In millions	2021		2022		2023		2024		2025
Estimated amortization expense	$	63.4	$	63.3	$	63.1	$	62.5	$	62.5

XML

Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2020

Disclosure Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information

Supplemental Balance Sheet Information

	December 31
In millions	2020		2019
Inventories
Raw materials and supplies	$	67.3	$	67.1
Work-in-process	24.4		25.6
Finished goods	143.5		152.0
Total inventories	$	235.2	$	244.7
Other current assets
Contract assets	$	45.6	$	69.4
Prepaid expenses	29.8		32.5
Prepaid income taxes	13.4		9.0
Other current assets	4.1		2.4
Total other current assets	$	92.9	$	113.3
Property, plant and equipment, net
Land and land improvements	$	41.0	$	40.6
Buildings and leasehold improvements	185.5		181.6
Machinery and equipment	461.4		440.4
Construction in progress	30.3		16.5
Total property, plant and equipment	718.2		679.1
Accumulated depreciation and amortization	428.8		394.6
Total property, plant and equipment, net	$	289.4	$	284.5
Other non-current assets
Deferred compensation plan assets	$	20.0	$	17.3
Lease right-of-use assets	45.6		44.2
Deferred tax assets	29.8		40.9
Other non-current assets	13.2		15.1
Total other non-current assets	$	108.6	$	117.5
Other current liabilities
Dividends payable	$	29.4	$	29.7
Accrued rebates	40.5		44.1
Contract liabilities	11.3		13.7
Accrued taxes payable	32.8		24.8
Current lease liabilities	14.2		14.7
Other current liabilities	60.3		58.7
Total other current liabilities	$	188.5	$	185.7
Other non-current liabilities
Income taxes payable	$	31.7	$	31.9
Deferred compensation plan liabilities	20.0		17.3
Non-current lease liabilities	35.7		33.7
Other non-current liabilities	22.9		10.6
Total other non-current liabilities	$	110.3	$	93.5

XML

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Components of AOCI consist of the following at December 31:

In millions	2020		2019
Cumulative translation adjustments	$	(104.2)	$	(100.5)
Change in market value of derivative financial instruments, net of tax	9.0		1.9
Accumulated other comprehensive income (loss)	$	(95.2)	$	(98.6)

XML

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

Debt

Debt and the average interest rates on debt outstanding were as follows:

In millions	Average interest rate at	Maturity year	December 31
	December 31, 2020		2020		2019
Revolving credit facility	1.520%	2023	$	34.6	$	134.6
Senior notes - fixed rate	3.950%	2023	300.0		300.0
Senior notes - fixed rate	4.550%	2028	500.0		500.0
Term loan facility	1.520%	2023	117.5		135.0
Unamortized issuance costs and discounts	N/A	N/A	(4.1)		(5.0)
Total debt			948.0		1,064.6
Less: Current maturities and short-term borrowings			(20.0)		(17.5)
Long-term debt			$	928.0	$	1,047.1

Senior notes

In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $300.0 million aggregate principal amount of 3.950% senior notes due 2023 (the "2023 Notes") and $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes" and, collectively with the 2023 Notes, the "Notes"). Interest on the Notes is payable semi-annually in arrears on April 15 and October 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 March 2018, nVent Finance entered into a credit agreement with a syndicate of banks providing for a five-year $200.0 million senior unsecured term loan facility (the "Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the Term Loan Facility, the "Senior Credit Facilities"). We have 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. Total availability under the Revolving Credit Facility was $565.4 million as of December 31, 2020.

Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities, 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 to exceed 3.75 to 1.00 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 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 December 31, 2020, 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 December 31, 2020, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:

In millions	2021		2022		2023		2024		2025		Thereafter		Total
Contractual debt obligation maturities	$	20.0	$	20.0	$	412.1	$	—	$	—	$	500.0	$	952.1

XML

Derivatives and Financial Instruments

12 Months Ended

Dec. 31, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Derivatives and Financial Instruments

Derivatives and Financial Instruments

Derivative financial instruments

We are exposed to market risk related to changes in foreign currency exchange rates. To manage the volatility related to this exposure, we periodically enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency exchange rates. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality.

Foreign currency contracts

We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. We manage our economic and transaction exposure to certain market-based risks through the use of foreign currency derivative financial instruments. Our objective in holding these derivatives is to reduce the volatility in net earnings and cash flows associated with changes in foreign currency rates. The majority of our foreign currency contracts have an original maturity date of less than one year.

At December 31, 2020 and 2019, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $41.8 million and $34.5 million, respectively. The impact of these contracts on the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) was not material for any period presented.

Cross currency swaps

At December 31, 2020 and 2019, we had outstanding cross currency swap agreements with a combined notional amount of $329.0 million and $303.5 million, respectively. The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedge, to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. At December 30, 2020 and 2019, we had deferred foreign currency gains of $6.9 million and $1.9 million, respectively, in Accumulated other comprehensive loss associated with our cross currency swap activity.

Interest rate swaps

We are also exposed to interest rate risk fluctuations in connection with the planned issuance of long-term debt. To manage the volatility related to this exposure, we may use forward starting interest rate swaps to fix a portion of the interest cost associated with anticipated future financings. In 2020, we entered into a forward starting interest rate swap to hedge the variability of cash flows attributable to changes in the benchmark swap interest rate (London Inter-Bank Offer Rate) associated with the anticipated refinancing of the 2023 Notes. The interest rate swap contract has a notional amount of $200 million and is expected to mature in 2023. The interest rates swaps are accounted for as cash flow hedges since they hedge the risk of an increase in treasury rates for the forecasted interest payments of an anticipated fixed-rate debt issuance. The impact of this contract on the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) was not material for any period presented.

Fair value of financial instruments

The following methods were used to estimate the fair values of each class of financial instrument:

•short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts and notes payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period;

•long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance;

•foreign currency contract and interest rate swap agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are observable inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and

•deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the accounting guidance; fair value of common/collective trusts are valued at net asset value ("NAV"), which is based on the fair value of the underlying securities owned by the fund divided by the number of shares outstanding.

The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, at December 31 were as follows:

	2020				2019
In millions	Recorded Amount		Fair Value		Recorded Amount		Fair Value
Variable rate debt	$	152.1	$	152.1	$	269.6	$	269.6
Fixed rate debt	800.0		915.2		800.0		863.5
Total debt	$	952.1	$	1,067.3	$	1,069.6	$	1,133.1

Financial assets and liabilities measured at fair value on a recurring basis at December 31 were as follows:

Recurring fair value measurements	2020
In millions	Level 1		Level 2		Level 3		NAV		Total
Foreign currency contract liabilities	$	—	$	(14.3)	$	—	$	—	$	(14.3)
Foreign currency contract assets	—		0.9		—		—		0.9
Interest rate swap assets	—		2.1		—		—		2.1
Deferred compensation plan assets	15.6		—		—		4.4		20.0
Total recurring fair value measurements	$	15.6	$	(11.3)	$	—	$	4.4	$	8.7

Recurring fair value measurements	2019
In millions	Level 1		Level 2		Level 3		NAV		Total
Foreign currency contract liabilities	$	—	$	(3.4)	$	—	$	—	$	(3.4)
Foreign currency contract assets	—		7.6		—		—		7.6
Deferred compensation plan assets	12.8		—		—		4.5		17.3
Total recurring fair value measurements	$	12.8	$	4.2	$	—	$	4.5	$	21.5

XML

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income (loss) before income taxes consisted of the following:

	Years ended December 31
In millions	2020		2019		2018
Federal (1)	$	(1.7)	$	(21.1)	$	(20.4)
International (2)	(7.8)		278.5		289.1
Income (loss) before income taxes	$	(9.5)	$	257.4	$	268.7

(1)"Federal" reflects U.K. income (loss) before income taxes.

(2)"International" reflects non-U.K. income (loss) before income taxes.

The provision for income taxes consisted of the following:

	Years ended December 31
In millions	2020		2019		2018
Currently payable
International (1)	51.8		55.6		47.0
Total current taxes	51.8		55.6		47.0
Deferred
Federal (2)	$	0.2	$	—	$	—
International (1)	(14.3)		(20.9)		(9.1)
Total deferred taxes	(14.1)		(20.9)		(9.1)
Total provision for income taxes	$	37.7	$	34.7	$	37.9

(1)"International" represents non-U.K. taxes.

(2)"Federal" represents U.K. taxes.

Reconciliations of the federal statutory income tax rate to our effective tax rate were as follows:

	Years ended December 31
Percentages	2020		2019		2018
Federal statutory income tax rate (1)	19.0	%	19.0	%	19.0	%
Tax effect of international operations (2)	153.1		(2.2)		(6.1)
Change in valuation allowances	(308.0)		(3.6)		0.9
Withholding taxes	(14.3)		0.4		0.3
Excess tax benefits on stock-based compensation	1.2		(0.1)		—
Tax effect of goodwill impairment	(247.8)		—		—
Effective tax rate (3)	(396.8	%)	13.5	%	14.1	%

(1)The statutory rate for 2020, 2019 and 2018 reflects the U.K. statutory rate of 19.0%.

(2)The tax effect of international operations consists of non-U.K. jurisdictions.

(3)The Company's effective tax rate for the period ended December 31, 2020 is negative due to the loss before income taxes, resulting primarily from the impairment of goodwill, compared to the net tax expense recorded for the period.

Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:

	Years ended December 31
In millions	2020		2019		2018
Beginning balance	$	17.0	$	16.8	$	24.6
Gross increases for tax positions in prior periods	0.3		0.3		2.3
Gross decreases for tax positions in prior periods	(1.4)		(1.3)		(1.6)
Gross increases based on tax positions related to the current year	1.1		1.8		1.2
Gross decreases related to settlements with taxing authorities	(2.5)		(0.2)		(8.0)
Reductions due to statute expiration	(0.5)		(0.1)		(1.9)
Gross increases (decreases) due to currency fluctuations	0.3		(0.3)		0.2
Gross increases due to acquisitions	2.8		—		—
Ending balance	$	17.1	$	17.0	$	16.8

We record gross unrecognized tax benefits in Other current liabilities and Other non-current liabilities in the Consolidated Balance Sheets. Included in the $17.1 million of total gross unrecognized tax benefits as of December 31, 2020 was $15.9 million of tax benefits that, if recognized, would impact the effective tax rate. It is reasonably possible that the gross unrecognized tax benefits as of December 31, 2020 may decrease by a range of zero to $3.6 million during 2021, primarily as a result of the resolution of non-U.K. examinations and the expiration of various statutes of limitations.

Based on the outcome of tax examinations, or as a result of the expiration of statute of limitations for specific jurisdictions, it is reasonably possible that certain unrecognized tax benefits for tax positions taken on previously filed tax returns will materially change from those recorded as liabilities in our financial statements. A number of tax periods from 2009 to present are under audit by tax authorities in various jurisdictions, including Canada, France, Germany and Romania. Certain nVent entities are currently subject to IRS audit in the U.S. for 2018 tax periods prior to the separation. We anticipate that several of these audits may be concluded in the foreseeable future.

We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). As of December 31, 2020 and 2019, we have liabilities of $2.3 million and $1.7 million, respectively, for the possible payment of penalties and $3.5 million and $3.0 million, respectively, for the possible payment of interest expense, which are recorded in Other current liabilities in the Consolidated Balance Sheets.

No additional income taxes have been provided for any undistributed foreign earnings or outside basis difference inherent in subsidiaries as these amounts continue to be indefinitely reinvested in foreign operations.

Deferred taxes arise because of different treatment between financial statement accounting and tax accounting, known as "temporary differences." We record the tax effect of these temporary differences as "deferred tax assets" (generally items that can be used as a tax deduction or credit in future periods) and "deferred tax liabilities" (generally items for which we received a tax deduction but the tax impact has not yet been recorded in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss)).

Deferred taxes were recorded in the Consolidated Balance Sheets at December 31 as follows:

In millions	2020		2019
Other non-current assets	$	29.8	$	40.9
Deferred tax liabilities	230.1		237.8
Net deferred tax liabilities	$	200.3	$	196.9

The tax effects of the major items recorded as deferred tax assets and liabilities at December 31 were as follows:

In millions	2020		2019
Deferred tax assets
Accrued liabilities and reserves	$	8.5	$	10.4
Pension and other post-retirement compensation and benefits	41.4		36.9
Employee compensation and benefits	16.1		11.8
Tax loss and credit carryforwards	137.8		138.1
Interest limitation	15.8		20.0
Other assets	10.1		9.0
Total deferred tax assets	229.7		226.2
Valuation allowance	154.5		125.3
Deferred tax assets, net of valuation allowance	75.2		100.9
Deferred tax liabilities
Property, plant and equipment	17.1		17.6
Goodwill and other intangibles	240.2		262.2
Other liabilities	18.2		18.0
Total deferred tax liabilities	275.5		297.8
Net deferred tax liabilities	$	200.3	$	196.9

Included in tax loss and credit carryforwards in the table above is a deferred tax asset of $3.1 million as of December 31, 2020 related to foreign tax credit carryover from the tax period ended December 31, 2017 and related to transition taxes. The entire amount is subject to a valuation allowance. The foreign tax credit is eligible for carryforward until the tax period ending December 31, 2027.

As of December 31, 2020, tax loss carryforwards of $484.6 million were available to offset future income. A valuation allowance of $122.1 million exists for deferred income tax benefits related to the tax loss carryforwards which may not be realized. We believe sufficient taxable income will be generated in the respective jurisdictions to allow us to fully recover the remainder of the tax losses. The tax losses relate to non-U.S. carryforwards which are subject to varying expiration periods. Non-U.S. carryforwards of $400.0 million are located in jurisdictions with unlimited tax loss carryforward periods, while the remainder will begin to expire in 2021.

XML

Benefit Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

Pension and other post-retirement plans

We sponsor U.S. and non-U.S. defined-benefit pension and other post-retirement plans. The defined benefit pension plans cover certain non-U.S. employees and retirees, and the pension benefits are based principally on an employee's years of service and/or compensation levels near retirement. In addition, we provide certain post-retirement health care and life insurance benefits. Generally, the post-retirement health care and life insurance plans require contributions from retirees.

Obligations and funded status

The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and other post-retirement plans as of and for the years ended December 31, 2020 and 2019:

	Pension plans				Post-retirement health plan
In millions	2020		2019		2020		2019
Change in benefit obligations
Benefit obligation beginning of year	$	210.8	$	199.5	$	17.3	$	16.2
Service cost	6.7		5.9		0.1		0.1
Interest cost	3.5		4.0		0.5		0.6
Plan settlements	(0.2)		(0.5)		—		—
Actuarial loss	11.0		27.3		1.6		1.5
Foreign currency translation	20.6		(4.2)		—		—
Benefits paid	(6.8)		(5.0)		(1.0)		(1.1)
Plan curtailment gain	(4.2)		—		—		—
Plan transfer	—		(16.2)		—		—
Benefit obligation end of year	$	241.4	$	210.8	$	18.5	$	17.3
Change in plan assets
Fair value of plan assets beginning of year	$	28.7	$	41.8	$	—	$	—
Actual return on plan assets	1.9		3.0		—		—
Company contributions	5.7		5.2		1.1		1.1
Plan settlements	(0.3)		(0.5)		—		—
Foreign currency translation	2.0		0.4		—		—
Benefits paid	(6.8)		(5.0)		(1.1)		(1.1)
Plan transfer	—		(16.2)		—		—
Fair value of plan assets end of year	$	31.2	$	28.7	$	—	$	—
Funded status
Fair value of plan assets end of year	$	31.2	$	28.7	$	—	$	—
Benefit obligation end of year	241.4		210.8		18.5		17.3
Benefit obligations in excess of the fair value of plan assets	$	(210.2)	$	(182.1)	$	(18.5)	$	(17.3)

In the fourth quarter of 2019, we transferred all of our remaining benefit obligations and plan assets attributed to a pension plan in the U.K. to a third-party insurance company purchased through an annuity contract. The transfer of benefit obligations and plan assets are reflected in the Plan transfer lines in the table above.

In the fourth quarter of 2020, we amended a defined benefit pension plan in Germany to close participation to employees hired after October 1, 2020 and employees more than 10 years from retirement age. These employees are eligible to participate in a defined contribution pension plan starting on October 1, 2020. Benefits to be provided to plan participants remaining in the legacy defined benefit plan are not affected. The amendment of the defined benefit pension plan triggered a curtailment, which required a remeasurement of the benefit obligation. The remeasurement resulted in a curtailment gain (decrease in the benefit obligation) of $4.2 million, which is reflected in Other expense in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss).

Amounts recorded in the Consolidated Balance Sheets at December 31 were as follows:

	Pension plans				Post-retirement health plan
In millions	2020		2019		2020		2019
Other non-current assets	$	2.1	$	1.7	$	—	$	—
Current liabilities	(4.3)		(3.7)		(1.2)		(1.2)
Non-current liabilities	(208.0)		(180.1)		(17.3)		(16.1)
Benefit obligations in excess of the fair value of plan assets	$	(210.2)	$	(182.1)	$	(18.5)	$	(17.3)

The accumulated benefit obligation for all defined benefit plans was $234.9 million and $199.5 million at December 31, 2020 and 2019, respectively.

Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 was as follows:

	Projected benefit obligation exceeds the fair value of plan assets				Accumulated benefit  obligation exceeds the fair value of plan assets
In millions	2020		2019		2020		2019
Projected benefit obligation	$	227.7	$	198.3	$	227.7	$	198.3
Fair value of plan assets	15.3		14.6		15.3		14.6
Accumulated benefit obligation	N/A		N/A		221.2		187.1

Components of net periodic benefit expense for our pension plans were as follow for the years ended December 31:

In millions	2020		2019		2018
Service cost	$	6.7	$	5.9	$	5.8
Interest cost	3.5		4.0		4.2
Expected return on plan assets	(1.3)		(1.1)		(1.4)
Net actuarial loss	10.3		25.4		7.5
Plan curtailment gain	(4.2)		—		—
Net periodic benefit expense	$	15.0	$	34.2	$	16.1

Components of net periodic benefit expense for our post-retirement plan for the years ended December 31, 2020, 2019 and 2018, were not material.

Assumptions

Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:

	Pension plans						Post-retirement health plan
Percentages	2020		2019		2018		2020		2019		2018
Discount rate	1.26	%	1.54	%	2.25	%	2.17	%	3.08	%	4.10	%
Rate of compensation increase	2.96	%	2.97	%	2.97	%	—	%	—	%	—	%

Weighted-average assumptions used to determine net periodic benefit expense for years ended December 31 were as follows:

	Pension plans						Post-retirement health plan
Percentages	2020		2019		2018		2020		2019		2018
Discount rate	1.54	%	2.25	%	2.25	%	3.08	%	4.10	%	3.40	%
Expected long-term return on plan assets	3.91	%	4.15	%	3.45	%	—	%	—	%	—	%
Rate of compensation increase	2.97	%	2.97	%	2.98	%	—	%	—	%	—	%

Uncertainty in the securities markets and U.S. economy could result in investment returns less than those assumed. Should the securities markets decline or medical and prescription drug costs increase at a rate greater than assumed, we would expect increasing annual combined net pension and other post-retirement costs for the next several years. Should actual experience differ from actuarial assumptions, the projected pension benefit obligation and net pension cost and accumulated other post-retirement benefit obligation and other post-retirement benefit cost would be affected in future years.

Discount rates

The discount rate reflects the current rate at which the pension liabilities could be effectively settled at the end of the year based on our December 31 measurement date. The discount rates on our pension plans ranged from 0.00% to 2.75%, 0.25% to 3.25% and 0.50% to 4.25% in 2020, 2019 and 2018, respectively. The discount rates are determined by matching high-quality, fixed-income debt instruments with maturities corresponding to the expected timing of benefit payments as of the annual

measurement date for each of the various plans. There are no known or anticipated changes in our discount rate assumptions that will materially impact our pension expense in 2021.

Expected rates of return

The expected rates of return on our pension plan assets ranged from 1.00% to 5.00%, 1.00% to 5.25% and 1.00% to 5.50% in 2020, 2019 and 2018, respectively. The expected rate of return is designed to be a long-term assumption that may be subject to considerable year-to-year variance from actual returns. In developing the expected long-term rate of return, we considered our historical returns, with consideration given to forecasted economic conditions, our asset allocations, input from external consultants and broader longer-term market indices. Any difference in the expected rate and actual returns will be included with the actuarial gain or loss recorded in the fourth quarter when our plans are remeasured.

Pension plans assets

Objective

The primary objective of our investment strategy is to meet the pension obligation to our employees at a reasonable cost to us. This is primarily accomplished through growth of capital and safety of the funds invested.

Asset allocation

The majority of our pension plan assets are invested in fixed income and equity securities which is consistent with our investment policy goals. Actual investments for our pension plans as of December 31 were as follows:

	Actual
Percentages	2020		2019
Equity securities	43	%	43	%
Fixed income	41	%	42	%
Alternative investments	12	%	11	%
Cash equivalents	4	%	4	%

Fair value measurement

The fair values of our pension plan assets as of December 31 were as follows:

In millions	2020		2019
Cash equivalents	$	1.3	$	1.2
Fixed income:
Corporate and non U.S. government	12.7		11.9
Other investments (alternative investments)	3.8		3.1
Total investments at fair value	$	17.8	$	16.2
Investments measured at net asset value (equity securities)	13.4		12.5
Total	$	31.2	$	28.7

Valuation methodologies used for investments measured at fair value, each of which is classified as Level 2 in the fair value hierarchy, were as follows:

•cash equivalents — Cash equivalents consist of investments in commingled funds valued based on observable market data.

•fixed income — Investments in corporate bonds, government securities, mortgages and asset backed securities were valued based upon quoted market prices for similar securities and other observable market data. Investments in commingled funds were generally valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices or by a pricing service.

•other investments — Other investments include investments in commingled funds with diversified investment strategies. Investments in commingled funds were valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices or by a pricing service.

Cash flows

Contributions

Pension and post-retirement plan contributions totaled $6.8 million and $5.8 million in 2020 and 2019, respectively. The 2021 expected contributions will equal or exceed our minimum funding requirements of $7.8 million.

Estimated future benefit payments

The following benefit payments, which reflect expected future service or payout from termination, as appropriate, are expected to be paid by the plans for the years ended December 31 as follows:

In millions	Pension plans		Post-retirement health plan
2021	$	5.5	$	1.2
2022	6.0		1.2
2023	5.7		1.2
2024	7.7		1.2
2025	6.5		1.1
Thereafter	42.9		5.1

Savings plan

Effective January 1, 2019, nVent established and is the plan sponsor of a 401(k) retirement plan (nVent Management Company Retirement Savings and Incentive Plan or "401(k) plan") and employee share ownership plan (nVent Electric plc Employee Stock Purchase and Bonus Plan). The 401(k) plan covers certain union and all non-union U.S. employees who met certain age requirements. Under the 401(k) plan, eligible U.S. employees could voluntarily contribute a percentage of their eligible compensation and we match contributions made by employees who met certain eligibility and service requirements. The eligibility criteria and benefits provided by the plans sponsored by nVent are consistent with the provisions of the plans sponsored by the former Parent. During 2019 and the first half of 2020, the matching contribution was 100% of eligible employee contributions for the first 5% of eligible contributions contributed as pre-tax contribution. In response to the adverse effects of the COVID-19 pandemic, effective July 1, 2020, the employer matching contributions were reduced to 50% of the first 5% of eligible compensation contributed as pre-tax contribution. Expense for the 401(k) plan was $8.8 million and $10.9 million in 2020 and 2019, respectively.

During 2018, certain U.S. nVent employees were eligible to participate in a 401(k) plan with an employee share ownership ("ESOP") bonus component, sponsored by the former Parent. During 2018, the matching contribution was 100% of eligible employee contributions for the first 5% of eligible contributions contributed as pre-tax contribution. Expense was $10.5 million in 2018.

XML

Shareholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders' Equity

Authorized shares

Our authorized share capital consists of 400.0 million ordinary shares with a par value of $0.01 per share.

Share repurchases

On July 23, 2018, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2018 Authorization"). On February 19, 2019, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $380.0 million (the "2019 Authorization"). The 2018 and 2019 Authorizations expire on July 23, 2021.

During the year ended December 31, 2020, we repurchased 2.3 million of our ordinary shares for $43.2 million under the 2018 Authorization. During the year ended December 31, 2019, we repurchased 9.0 million of our ordinary shares for $232.7 million under the 2018 Authorization.

As of December 31, 2020, we had $545.1 million available for repurchases under the 2018 and 2019 Authorizations, which totaled $880.0 million.

Dividends

Dividends paid per ordinary share were $0.70 for both the years ended December 31, 2020 and 2019.

On December 14, 2020, the Board of Directors declared a quarterly cash dividend of $0.175 that was paid on February 5, 2021 to shareholders of record at the close of business on January 22, 2021. The balance of dividends payable included in Other current liabilities on our Consolidated Balance Sheets was $29.4 million and $29.7 million at December 31, 2020 and 2019, respectively.

On February 22, 2021, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on May 7, 2021 to shareholders of record at the close of business on April 23, 2021.

XML

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

Segment Information

We classify our operations into the following business segments based primarily on types of products offered and markets served:

•Enclosures - The Enclosures segment provides innovative solutions to connect and protect critical control systems, electronics, data and electrical equipment. From metallic and non-metallic enclosures to cabinets, subracks and backplanes, it offers the physical infrastructure to host, connect and protect server and network equipment, as well as indoor and outdoor protection for test and measurement, aerospace and defense applications in industrial, infrastructure, energy and commercial verticals.

•Electrical & Fastening Solutions - The Electrical & Fastening Solutions segment provides solutions that connect and protect electrical and mechanical systems and civil structures. Its engineered electrical and fastening products are innovative cost efficient and time saving connections that are used across a wide range of verticals, including commercial, industrial, infrastructure and energy.

•Thermal Management - The Thermal Management segment provides electric thermal solutions that connect and protect critical buildings, infrastructure, industrial processes and people. Its thermal management systems include heat tracing, floor heating, fire-rated and specialty wiring, sensing and snow melting and de-icing solutions for use in industrial, commercial & residential, energy and infrastructure verticals. It's highly reliable and easy to install solutions lower total cost of ownership to building owners, facility managers, operators and end users.

•Other — Other is primarily composed of unallocated corporate expenses, our captive insurance subsidiary and intermediate finance companies.

The accounting policies of our reporting segments are the same as those described in the summary of significant accounting policies. We evaluate performance based on the net sales and segment income (loss) 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. Segment income (loss) represents operating income exclusive of intangible amortization, separation costs, costs of restructuring activities, "mark-to-market" gain/loss for pension and other post-retirement plans, impairments and other unusual non-operating items.

Financial information by reportable segment is included in the following summary:

	Net sales						Segment income (loss)
In millions	2020		2019		2018		2020		2019		2018
Enclosures	$	952.9	$	1,033.8	$	1,019.7	$	148.5	$	181.3	$	174.8
Electrical & Fastening Solutions	569.1		579.6		570.7		150.2		149.7		144.5
Thermal Management	476.6		590.6		623.2		93.9		145.3		154.2
Other	—		—		—		(45.0)		(52.0)		(49.1)
Consolidated	$	1,998.6	$	2,204.0	$	2,213.6	$	347.6	$	424.3	$	424.4

No customer accounted for more than 10% of net sales in 2020, 2019 or 2018.

	Identifiable assets						Depreciation
In millions	2020		2019		2018		2020		2019		2018
Enclosures	$	785.9	$	787.0	$	665.9	$	18.4	$	16.1	$	15.9
Electrical & Fastening Solutions	2,111.8		2,129.3		2,157.7		10.2		9.1		10.1
Thermal Management	1,271.3		1,543.7		1,557.1		7.0		7.9		8.6
Other	197.1		180.3		172.0		2.8		2.3		1.6
Consolidated	$	4,366.1	$	4,640.3	$	4,552.7	$	38.4	$	35.4	$	36.2

	Capital expenditures
In millions	2020		2019		2018
Enclosures	$	17.7	$	15.3	$	13.3
Electrical & Fastening Solutions	10.7		13.3		7.9
Thermal Management	6.2		6.8		5.1
Other	5.4		3.4		13.2
Consolidated	$	40.0	$	38.8	$	39.5

The following table presents a reconciliation of consolidated and combined segment income to consolidated and combined income (loss) before income taxes for the years ended December 31:

In millions	2020		2019		2018
Segment income	$	347.6	$	424.3	$	424.4
Impairment of goodwill	(212.3)		—		—
Impairment of trade names	(8.2)		—		—
Restructuring and other	(22.0)		(24.2)		(7.7)
Intangible amortization	(64.2)		(61.4)		(60.9)
Pension and other post-retirement mark-to-market (loss) gain	(8.7)		(27.3)		(7.0)
Acquisition transaction and integration costs	(2.5)		(2.4)		—
Inventory step-up amortization	—		(3.2)		—
Separation costs	—		—		(45.0)
Interest expense, net	(36.4)		(44.7)		(31.2)
Other expense	(2.8)		(3.7)		(3.9)
Income (loss) before income taxes	$	(9.5)	$	257.4	$	268.7

XML

Leases (Notes)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Leases

We have operating leases for office space, production facilities, distribution centers, warehouses, sales offices, fleet vehicles and equipment. In accordance with our accounting policy, leases with an initial term of 12 months or less are not recognized on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We elected the practical expedient for all leases to include both lease and non-lease components within our lease assets and lease liabilities.

Our lease agreements do not contain any material residual value guarantees, any material bargain purchase options or material restrictive covenants. We have no material sublease arrangements with third parties or lease transactions with related parties.

During the years ended December 31, 2020, 2019 and 2018, rent expense was $20.3 million, $19.8 million and $15.8 million, respectively, primarily related to operating lease costs. Costs associated with short-term leases, variable rent and subleases were immaterial.

Our leases have remaining lease terms of one to ten years, some of which include options to extend the leases for up to five years. Renewal options that are reasonably certain to be exercised are included in the lease term. The incremental borrowing rate is used in determining the present value of lease payments, unless an implicit rate is specified. Incremental borrowing rates on a collateralized basis are determined based on the economic environment in which leases are denominated and the lease term. The weighted average remaining lease term and weighted average discount rate were as follows:

	December 31, 2020		December 31, 2019
Weighted average remaining lease term
Operating leases	5 years		5 years
Weighted average discount rate
Operating leases	3.5	%	4.0	%

Future lease payments under non-cancelable operating leases as of December 31, 2020 were as follows:

In millions
2021	$	16.9
2022	12.0
2023	7.9
2024	5.9
2025	4.6
Thereafter	10.0
Total lease payments	$	57.3
Less imputed interest	(7.4)
Total reported lease liability	$	49.9

As of December 31, 2020, we have approximately $23 million in future undiscounted cash flows related to a lease of a manufacturing facility and warehouse that has not yet commenced for which we are involved in the design and construction of the assets. The lease has a term of 10 years and is expected to commence in the first half of 2021.

Future lease payments under non-cancelable operating leases as of December 31, 2019 were as follows:

In millions
2020	$	16.7
2021	11.4
2022	7.5
2023	4.4
2024	3.5
Thereafter	10.9
Total lease payments	$	54.4
Less imputed interest	(6.0)
Total reported lease liability	$	48.4

Supplemental cash flow information related to operating leases was as follows:

	Year ended December 31
In millions	2020		2019
Cash paid for amounts included in the measurement of lease liabilities	$	17.4	$	18.0
Lease right-of-use assets obtained in exchange for new lease liabilities	16.2		15.5

Supplemental balance sheet information related to operating leases as of December 31 was as follows:

In millions	Classification	2020		2019
Assets
Lease right-of-use assets	Other non-current assets	$	45.6	$	44.2
Liabilities
Current lease liabilities	Other current liabilities	$	14.2	$	14.7
Non-current lease liabilities	Other non-current liabilities	35.7		33.7
Total lease liabilities		$	49.9	$	48.4

XML

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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 December 31, 2020 and 2019 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 December 31, 2020 and 2019, the outstanding value of bonds, letters of credit and bank guarantees totaled $43.8 million and $70.0 million, respectively.

Other matters

We are subject to disputes, administrative proceedings and other claims arising out of the normal conduct of our business. These matters generally relate to disputes arising out of the use or installation of our products, product liability litigation, personal injury claims, commercial and contract disputes and employment related matters. On the basis of information currently available, management does not believe that existing proceedings and claims will have a material impact on our consolidated and combined financial statements. However, litigation is unpredictable, and we could incur judgments or enter into settlements for current or future claims that could adversely affect our financial statements.

XML

Selected Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Selected Quarterly Financial Information [Abstract]

Selected Quarterly Data (Unaudited)

Selected Quarterly Data (Unaudited)

The following tables present 2020 and 2019 quarterly financial information:

	2020
In millions, except per-share data	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
Net sales	$	520.9	$	447.2	$	509.3	$	521.2	$	1,998.6
Gross profit	195.3		160.3		196.8		197.0		749.4
Operating income (loss)	60.3		45.3		(141.6)		74.4		38.4
Net income (loss)	18.6		25.8		(138.7)		47.1		(47.2)
Earnings (loss) per ordinary share (1)
Basic	$	0.11	$	0.15	$	(0.82)	$	0.28	$	(0.28)
Diluted	$	0.11	$	0.15	$	(0.82)	$	0.28	$	(0.28)

	2019
In millions, except per-share data	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
Net sales	$	538.0	$	539.5	$	559.8	$	566.7	$	2,204.0
Gross profit	209.9		212.2		224.1		219.6		865.8
Operating income	77.5		87.0		86.1		82.5		333.1
Net income	56.4		60.9		59.9		45.5		222.7
Earnings per ordinary share (1)
Basic	$	0.32	$	0.36	$	0.35	$	0.27	$	1.30
Diluted	$	0.32	$	0.35	$	0.35	$	0.27	$	1.29

(1) Amounts may not total to annual earnings because each quarter and year are calculated separately based on basic and diluted weighted-average ordinary shares outstanding during that period.

Third quarter 2020 includes a $220.5 million decrease in net income related to impairment of goodwill and trade names. 2020 results were impacted by the COVID-19 pandemic.

XML

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

The consolidated and combined financial statements have been prepared in U.S. dollars ("USD") and in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Intercompany accounts and transactions have been eliminated.

The financial statements for periods prior to April 30, 2018 were prepared on a stand-alone basis derived from the consolidated financial statements and records of the former Parent as if nVent were operated on a stand-alone basis.

Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year.

Cost allocations

For periods prior to the separation, the consolidated and combined financial statements of nVent include general corporate expenses of the former Parent for certain support functions that were provided on a centralized basis, such as expenses related to executive management, finance, audit, legal, information technology, human resources, communications, facilities and employee benefits and compensation. These general corporate expenses are included in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) within Selling, general and administrative and Other expense. The amount allocated was $42.5 million for the year ended December 31, 2018, of which $10.3 million was historically recorded to the Electrical segment in the former Parent’s consolidated financial statements. These expenses were allocated to nVent on the basis of direct usage when identifiable, with the remainder allocated based on a proportional basis of net sales, headcount or other measures.

The Company considers the allocation methodology regarding general corporate expenses of the former Parent to be reasonable for all periods presented. Nevertheless, the consolidated and combined financial statements of nVent for periods prior to the separation may not reflect the actual expenses that would have been incurred and may not reflect nVent’s consolidated and combined results of operations, financial position and cash flows had it been a stand-alone company during the periods presented. Actual costs for periods prior to the separation that would have been incurred if nVent had been a stand-alone company would depend on multiple factors including organization structure, capital structure and strategic decisions made in various areas, including information technology and infrastructure. Transactions between nVent and the former Parent have been included in related party transactions in these consolidated and combined financial statements and were considered to be effectively settled at the time the transaction was recorded. The total net effect of the settlement of these transactions is reflected in the Consolidated and Combined Statements of Cash Flows as a financing activity.

For periods prior to the separation, certain nVent operations were included in the former Parent's U.S. federal and state income tax returns and substantially all income taxes on those operations have been paid by the former Parent. Income tax expense and other income tax related information contained in these consolidated and combined financial statements for periods prior to the separation are presented on a separate return approach as if nVent filed its own tax returns. Under this approach, the provision for income taxes represented income tax paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year calculated as if nVent was a stand-alone taxpayer filing hypothetical income tax returns where applicable. Current income tax liabilities were assumed to be immediately settled with the former Parent and relieved through the Net Parent investment account and the Net transfers to former Parent in the Consolidated and Combined Statements of Cash Flows.

Fiscal Year

Fiscal yearOur fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis.

Use of Estimates

Use of estimates

The preparation of our consolidated and combined financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these consolidated and combined financial statements and accompanying notes, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for valuation of goodwill and indefinite lived intangible assets, estimated losses on accounts receivable, estimated realizable value on excess and obsolete inventory, percentage of completion revenue recognition, assets acquired and liabilities assumed in acquisitions, contingent liabilities, income taxes and pension and other post-retirement benefits. Actual results could differ from our estimates.

Revenue Recognition

Revenue recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those goods or providing services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

When determining whether the customer has obtained control of the goods or services, we consider any future performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in Accounting Standards Codification 606 - Revenue from Contracts with Customers. Generally, there is no post-shipment obligation on product sold other than warranty obligations in the normal and ordinary course of business.

Contract transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. For contracts with multiple performance obligations, stand-alone selling price is generally readily observable.

Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time accounted for 75%, 73% and 72% of our revenue for the years ended December 31, 2020, 2019 and 2018, respectively. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied; generally this occurs with the transfer of control upon shipment.

Revenue from products and services transferred to customers over time accounted for 25%, 27% and 28% of our revenue for the years ended December 31, 2020, 2019 and 2018, respectively. For the majority of our revenue recognized over time, we use an input measure to determine progress towards completion. Under this method, sales and gross profit are recognized as work is performed generally based on the relationship between the actual costs incurred and the total estimated costs at completion ("the cost-to-cost method") or based on efforts for measuring progress towards completion in situations in which this approach is more representative of the progress on the contract than the cost-to-cost method. Contract costs include labor, material, overhead and, when appropriate, general and administrative expenses. Changes to the original estimates may be required during the life of the contract and such estimates are reviewed on a regular basis. Sales and gross profit are adjusted using the cumulative catch-up method for revisions in estimated total contract costs. These reviews have not resulted in adjustments that were significant to our results of operations. For performance obligations related to long-term contracts, when estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined.

We use an output method to measure progress towards completion for certain of our Enclosures businesses, as this method appropriately depicts performance towards satisfaction of the performance obligation. Under the output method, revenue is recognized based on number of units produced.

We apply a practical expedient to expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. These costs primarily relate to sales commissions and are recorded in Selling, general and administrative in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Further, we do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be less than one year.

Sales returns

The right of return may exist explicitly or implicitly with our customers. Our return policy allows for customer returns only upon our authorization. Goods returned must be product we continue to market and must be in salable condition. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns based on historical sales levels, the timing and magnitude of historical sales return levels as a percent of sales, type of product, type of customer and a projection of this experience into the future.

Pricing and sales incentives

Our sales contracts may give customers the option to purchase additional goods or services priced at a discount. This can come in many forms, such as customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives.

We reduce the transaction price for certain customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives that represent variable consideration. Sales incentives given to our customers are recorded using either the expected value method or most likely amount approach for estimating the amount of consideration to which nVent shall be entitled. The expected value is the sum of probability-weighted amounts in a range of possible consideration amounts. An expected value is an appropriate estimate of the amount of variable consideration when there are a large number of contracts with similar characteristics. The most likely amount is the single most likely amount in a range of possible consideration amounts (that is, the single most likely outcome of the contract). The most likely amount is an appropriate estimate of the amount of variable consideration if the contract has limited possible outcomes (for example, an entity either achieves a performance bonus or does not).

Pricing is established at or prior to the time of sale with our customers and we record sales at the agreed-upon net selling price. However, certain of our businesses allow customers to apply for a refund of a percentage of the original purchase price if they can demonstrate sales to a qualifying end customer. We use the expected value method to estimate the anticipated refund to be paid based on historical experience and the transaction price is reduced for the probable cost of the discount.

Volume-based incentives involve rebates that are negotiated at or prior to the time of sale with the customer and are redeemable only if the customer achieves a specified cumulative level of sales or sales increase. Under these incentive programs, at the time of sale, we estimate the anticipated rebate to be paid based on forecasted sales levels. These forecasts are updated at least quarterly for each customer and the transaction price is reduced for the anticipated cost of the rebate. If the forecasted sales for a customer changes, the accrual for rebates is adjusted to reflect the new amount of rebates expected to be earned by the customer.

Shipping and handling costs

Amounts billed to customers for shipping and handling activities after the customer obtains control are treated as a promised service performance obligation and recorded in Net sales in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Shipping and handling costs incurred by nVent for the delivery of goods to customers are considered a cost to fulfill the contract and are included in Cost of goods sold in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss).

Contract assets and liabilities

Contract assets consist of unbilled amounts resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, such as when the customer retains a small portion of the contract price until completion of the contract. We typically receive interim payments on sales under long-term contracts as work progresses, although for some contracts, we may be entitled to receive an advance payment. Contract liabilities consist of advanced payments and billings in excess of costs incurred and deferred revenue.

Contract assets are recorded within Other current assets and contract liabilities are recorded within Other current liabilities in the Consolidated Balance Sheets.

Research and Development

Research and developmentWe conduct research and development (“R&D”) activities in our own facilities, which consist primarily of the development of new products, product applications and manufacturing processes.

Cash Equivalents

Cash equivalents

We consider highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents.

Trade Receivables and Concentration of Credit Risk

Trade receivables and concentration of credit riskWe record an allowance for doubtful accounts to reduce our receivables balance by the amount that is estimated to be uncollectible from our customers, or the expected loss. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, including write-offs and recoveries, periodic credit evaluations of our customers' financial situation, and current circumstances as well as reasonable and supportable forecasts of future economic conditions. We generally do not require collateral.

Inventories

2019.

Inventories

Inventories are stated at the lower of cost or net realizable value with substantially all inventories recorded using the first-in, first-out ("FIFO") cost method.

Property, Plant and Equipment, Net

.

Property, plant and equipment, net

Property, plant and equipment is stated at historical cost. We compute depreciation by the straight-line method based on the following estimated useful lives:

	Years
Land improvements	5 to 20
Buildings and leasehold improvements	5 to 50
Machinery and equipment	3 to 15

Significant improvements that add to productive capacity or extend the lives of properties are capitalized. Costs for repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the recorded cost of the assets and their related accumulated depreciation are removed from the Consolidated Balance Sheets and any related gains or losses are included in income.

We review the recoverability of long-lived assets to be held and used, such as property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset or asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. Impairment losses on long-lived assets held for sale are determined in a similar manner, except that fair values are reduced for the cost to dispose of the assets. The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets.

Goodwill and identifiable intangible assets

Goodwill and identifiable intangible assets

Goodwill

Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible net assets and identifiable intangible assets purchased and liabilities assumed.

Goodwill is tested annually for impairment and is tested for impairment more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test is performed by comparing the fair value of each reporting unit with its carrying amount, and recognizing 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.

As a result of the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry, we concluded a triggering event occurred during the third quarter of 2020 for our Thermal Management reporting unit requiring an impairment test as of September 30, 2020. In order to perform the goodwill impairment test for the Thermal Management reporting unit, including consideration of market-based inputs such as a market capitalization reconciliation, we determined it was appropriate to measure the fair value of all of our reporting units as of September 30, 2020. There were no significant changes in facts or circumstances that resulted in a change in assumptions between our September 30, 2020 interim impairment assessment date and our October 1, 2020 annual impairment assessment date.

The fair value of each reporting unit is determined using a discounted cash flow analysis and market approach. Determining the fair value of the reporting units required the use of significant judgment, including assumptions about future revenues and expenses, capital expenditures and changes in working capital and discount rates, which are based on our annual operating plan and long-term business plan. These plans take into consideration numerous factors including historical experience, anticipated future economic conditions, including the impacts from the COVID-19 pandemic and growth expectations for the industries and end markets in which the reporting unit participates. The level of judgment and estimation is inherently higher in the current environment considering the uncertainty created by the COVID-19 pandemic. We have evaluated numerous factors and made significant assumptions, which include the severity and duration of the business disruption, the potential impact on customer demand, the timing and degree of economic recovery and ultimately, the combined effect of these assumptions on our future operating results and cash flows. Inputs used to estimate these fair values included significant unobservable inputs that reflect the Company’s assumptions about the inputs that market participants would use and, therefore, the fair value assessments are classified within Level 3 of the fair value hierarchy defined by the accounting guidance.

In estimating fair value using the market approach, we identify a group of comparable publicly-traded companies for each reporting unit that are similar in terms of size and product offering. These groups of comparable companies are used to develop multiples based on total market-based invested capital as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”). We determine our estimated values by applying these comparable EBITDA multiples to the operating results of our reporting units. The ultimate fair value of each reporting unit is determined considering the results of both valuation methods.

As a result of this analysis, in the third quarter of 2020 we recognized a pre-tax, non-cash goodwill impairment expense of $212.3 million related to the Thermal Management reporting unit. Subsequent to the impairment expense recorded in the quarter, the remaining goodwill for the Thermal Management reporting unit was $712.5 million. The impairment resulted in a $21.6 million income tax benefit associated with the proportionate share of tax deductible goodwill. The impairment expense is included in Impairment of goodwill and trade names on the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). There was no impairment expense recorded in 2019 and 2018 related to goodwill.

Identifiable intangible assets

Our primary identifiable intangible assets include customer relationships, trade names, proprietary technologies and patents. Identifiable intangibles with definite lives are amortized and those identifiable intangibles with indefinite lives are not amortized. Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. We complete our annual impairment test during the fourth quarter each year for those identifiable assets not subject to amortization.

Due to the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry discussed above, we determined it was appropriate to measure the fair value of all of our identifiable intangible assets along with our reporting units as of September 30, 2020. There were no significant changes in facts or circumstances that resulted in a change in assumptions between our September 30, 2020 interim impairment assessment date and our October 1, 2020 annual impairment assessment date.

The impairment test for trade names consists of a comparison of the fair value of the trade name with its carrying value. Fair value is measured using the relief-from-royalty method. This method assumes the trade name has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the

future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital. The non-recurring fair value measurement is a Level 3 measurement under the fair value hierarc

Income Taxes

Income taxes

We use the asset and liability approach to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. We maintain valuation allowances unless it is more likely than not that all or a portion of the deferred tax assets will be realized. Changes in valuation allowances from period to period are included in our tax provision in the period of change. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is more likely than not to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Pension and other post-retirement plans

Pension and other post-retirement plans

We sponsor defined-benefit pension plans and a post-retirement health plan. The pension and other post-retirement benefit costs for these plans are determined from actuarial assumptions and methodologies, including discount rates and expected returns on plan assets. These assumptions are updated annually and are disclosed in Note 12.

For periods prior to the separation, certain nVent employees participated in defined benefit pension plans and post-retirement health plans sponsored by the former Parent. For purposes of these consolidated and combined financial statements, nVent accounted for these plans as multi-employer benefit plans. Accordingly, nVent did not record an asset or liability to recognize the funded status of these plans. However, nVent did record its share of the allocated expense, including net actuarial gains or losses described below.

We recognize changes in the fair value of plan assets and net actuarial gains or losses for pension and other post-retirement benefits annually in the fourth quarter each year (“mark-to-market adjustment”) and, if applicable, in any quarter in which an interim remeasurement is triggered. Net actuarial gains and losses occur when the actual experience differs from any of the various assumptions used to value our pension and other post-retirement plans or when assumptions change, as they may each year. The remaining components of pension expense, including service and interest costs and estimated return on plan assets, are recorded on a quarterly basis.

Earnings (Loss) Per Common Share

Earnings (loss) per ordinary share

Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding. Diluted earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding including the dilutive effects of ordinary share equivalents.

Derivative Financial Instruments

Derivative financial instruments

We recognize all derivatives, including those embedded in other contracts, as either assets or liabilities at fair value in our Consolidated Balance Sheets. If the derivative is designated and is effective as a cash-flow hedge, the effective portion of changes in the fair value of the derivative are recorded in Accumulated other comprehensive income (loss) ("AOCI") as a separate component of equity in the Consolidated Balance Sheets and are recognized in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) when the hedged item affects earnings. For a derivative that is not designated as or does not qualify as a hedge, changes in fair value are reported in earnings immediately.

Gains and losses on net investment hedges are included in AOCI as a separate component of equity in the Consolidated Balance Sheets.

We use derivative instruments for the purpose of hedging interest rate and currency exposures, which exist as part of ongoing business operations. We do not hold or issue derivative financial instruments for trading or speculative purposes. All other contracts that contain provisions meeting the definition of a derivative also meet the requirements for the normal purchases and normal sales scope exception. Our policy is not to enter into contracts with terms that cannot be designated as normal purchases or sales. From time to time, we may enter into short duration foreign currency contracts to hedge foreign currency risks.

Fair Value Measurements

Fair value measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date:

Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets.

Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

Foreign Currency Translation

Foreign currency translation

The financial statements of subsidiaries located outside of the U.S. are generally measured using the local currency as the functional currency, except for certain corporate entities outside of the U.S. which are measured using USD. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date. Income and expense items are translated at average monthly rates of exchange. The resultant translation adjustments are included in AOCI as a separate component of equity.

New accounting standards

Adoption of new accounting standards

On January 1, 2019, we adopted Accounting Standards Update ("ASU") No. 2016-02, “Leases” using the alternative transition method and did not recast comparative periods in transition to the new standard. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification. We also elected to apply the practical expedient to not separate non-lease components from the lease components for all leases. Accordingly, all costs associated with a lease contract are accounted for as lease cost. In addition, we did not elect to apply the hindsight practical expedient. Adoption of the new standard resulted in the recording of additional right-of-use assets and lease liabilities of $44.2 million, as of January 1, 2019. The adoption of the standard did not have a material impact on our Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) or our Consolidated and Combined Statements of Cash Flows. We implemented internal controls and key system functionality to enable the preparation of financial information upon adoption.

Effective January 1, 2020, we adopted ASU 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.

XML

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Property, Plant and Equipment

Property, plant and equipment is stated at historical cost. We compute depreciation by the straight-line method based on the following estimated useful lives:

	Years
Land improvements	5 to 20
Buildings and leasehold improvements	5 to 50
Machinery and equipment	3 to 15

Long-lived Assets by Geographic Areas

The following table presents geographic Property, plant and equipment, net by region as of December 31:

In millions	2020		2019
U.S. & Canada	$	159.0	$	160.7
Mexico	39.6		42.1
EMEA (1)	78.8		75.0
Rest of World (2)	12.0		6.7
Consolidated	$	289.4	$	284.5
(1) EMEA includes Europe, Middle East and Africa
(2) Rest of World includes Latin America and Asia-Pacific

XML

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Geographic net sales information, based on geographic destination of the sale, was as follows:

	Year ended December 31, 2020
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	618.7	$	416.1	$	260.2	$	1,295.0
Developed Europe (1)	238.2		104.8		128.7		471.7
Developing (2)	82.3		33.3		74.1		189.7
Other Developed (3)	13.7		14.9		13.6		42.2
Total	$	952.9	$	569.1	$	476.6	$	1,998.6

	Year ended December 31, 2019
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	715.5	$	414.7	$	351.9	$	1,482.1
Developed Europe (1)	212.5		109.3		136.3		458.1
Developing (2)	92.5		42.0		87.7		222.2
Other Developed (3)	13.3		13.6		14.7		41.6
Total	$	1,033.8	$	579.6	$	590.6	$	2,204.0

	Year ended December 31, 2018
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	704.3	$	397.8	$	351.4	$	1,453.5
Developed Europe (1)	202.7		110.8		174.4		487.9
Developing (2)	101.0		47.1		80.9		229.0
Other Developed (3)	11.7		15.0		16.5		43.2
Total	$	1,019.7	$	570.7	$	623.2	$	2,213.6
(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:

	Year ended December 31, 2020
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	582.2	$	110.2	$	183.3	$	875.7
Commercial & Residential	111.1		322.0		172.7		605.8
Energy	85.8		60.3		114.3		260.4
Infrastructure	173.8		76.6		6.3		256.7
Total	$	952.9	$	569.1	$	476.6	$	1,998.6

	Year ended December 31, 2019
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	623.2	$	114.7	$	240.4	$	978.3
Commercial & Residential	113.2		338.1		186.2		637.5
Energy	103.4		55.2		155.5		314.1
Infrastructure	194.0		71.6		8.5		274.1
Total	$	1,033.8	$	579.6	$	590.6	$	2,204.0

	Year ended December 31, 2018
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	626.1	$	112.7	$	263.0	$	1,001.8
Commercial & Residential	87.5		329.7		187.7		604.9
Energy	103.4		52.1		166.9		322.4
Infrastructure	202.7		76.2		5.6		284.5
Total	$	1,019.7	$	570.7	$	623.2	$	2,213.6

Contract with Customer, Asset and Liability

Contract assets and liabilities consisted of the following:

In millions	December 31, 2020		December 31, 2019		$ Change		% Change
Contract assets	$	45.6	$	69.4	$	(23.8)	(34.3	%)
Contract liabilities	11.3		13.7		(2.4)		(17.5	%)
Net contract assets	$	34.3	$	55.7	$	(21.4)	(38.4	%)

In millions	December 31, 2019		December 31, 2018		$ Change		% Change
Contract assets	$	69.4	$	74.4	$	(5.0)	(6.7	%)
Contract liabilities	13.7		13.2		0.5		3.8	%
Net contract assets	$	55.7	$	61.2	$	(5.5)	(9.0	%)

XML

Restructuring (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring Related Costs

Restructuring related costs included in Selling, general and administrative in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) included costs for severance and other restructuring costs as follows:

	Years ended December 31
In millions	2020		2019		2018
Severance and related costs	$	15.0	$	19.6	$	7.3
Other	2.7		2.3		0.4
Total restructuring costs	$	17.7	$	21.9	$	7.7

Restructuring Costs By Segment [Table Text Block]

Restructuring costs by reportable segment were as follows:

	Years ended December 31
In millions	2020		2019		2018
Enclosures	$	8.5	$	5.3	$	1.3
Electrical & Fastening Solutions	1.0		2.2		1.9
Thermal Management	6.2		6.6		2.8
Other	2.0		7.8		1.7
Consolidated	$	17.7	$	21.9	$	7.7

Restructuring Accrual Activity Recorded on Consolidated Balance Sheets

Activity related to accrued severance and related costs recorded in Other current liabilities in the Consolidated Balance Sheets is summarized as follows:

	Years ended December 31
In millions	2020		2019
Beginning balance	$	9.5	$	3.8
Costs incurred	15.0		19.6
Cash payments and other	(17.9)		(13.9)
Ending balance	$	6.6	$	9.5

XML

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share, Basic and Diluted [Abstract]

Basic and Diluted Earnings (Loss) Per Share

Basic and diluted earnings (loss) per share were calculated as follows:

	Years ended December 31
In millions, except per share data	2020		2019		2018
Net income (loss)	$	(47.2)	$	222.7	$	230.8
Weighted average ordinary shares outstanding
Basic	169.6		171.6		178.6
Dilutive impact of stock options, restricted stock units and performance share units	—		1.4		2.2
Diluted	169.6		173.0		180.8
Earnings (loss) per ordinary share
Basic earnings (loss) per ordinary share	$	(0.28)	$	1.30	$	1.29
Diluted earnings (loss) per ordinary share	$	(0.28)	$	1.29	$	1.28
Anti-dilutive stock options excluded from the calculation of diluted earnings (loss) per share	4.2		2.1		1.0

XML

Goodwill and Other Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill by Segment

The changes in the carrying amount of goodwill by reportable segment were as follows:

In millions	December 31, 2019		Acquisitions/ divestitures		Impairment		Foreign currency translation/other		December 31, 2020
Enclosures	$	315.4	$	6.4	$	—	$	10.3	$	332.1
Electrical & Fastening Solutions	1,038.2		13.7		—		—		1,051.9
Thermal Management	925.5		—		(212.3)		1.0		714.2
Total goodwill	$	2,279.1	$	20.1	$	(212.3)	$	11.3	$	2,098.2

In millions	December 31, 2018		Acquisitions/ divestitures		Impairment		Foreign currency translation/other		December 31, 2019
Enclosures	$	272.0	$	45.1	$	—	$	(1.7)	$	315.4
Electrical & Fastening Solutions	1,038.2		—		—		—		1,038.2
Thermal Management	924.1		—		—		1.4		925.5
Total goodwill	$	2,234.3	$	45.1	$	—	$	(0.3)	$	2,279.1

Identifiable Intangible Assets

Identifiable intangible assets consisted of the following at December 31:

	2020						2019
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,214.5	$	(389.6)	$	824.9	$	1,197.9	$	(326.1)	$	871.8
Proprietary technologies and patents	16.3		(8.8)		7.5		14.8		(7.4)		7.4
Total definite-life intangibles	1,230.8		(398.4)		832.4		1,212.7		(333.5)		879.2
Indefinite-life intangibles
Trade names	273.1		—		273.1		281.3		—		281.3
Total intangibles	$	1,503.9	$	(398.4)	$	1,105.5	$	1,494.0	$	(333.5)	$	1,160.5

Estimated Future Amortization Expense for Identifiable Intangible Assets

Estimated future amortization expense for identifiable intangible assets during the next five years is as follows:

In millions	2021		2022		2023		2024		2025
Estimated amortization expense	$	63.4	$	63.3	$	63.1	$	62.5	$	62.5

XML

Supplemental Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information

	December 31
In millions	2020		2019
Inventories
Raw materials and supplies	$	67.3	$	67.1
Work-in-process	24.4		25.6
Finished goods	143.5		152.0
Total inventories	$	235.2	$	244.7
Other current assets
Contract assets	$	45.6	$	69.4
Prepaid expenses	29.8		32.5
Prepaid income taxes	13.4		9.0
Other current assets	4.1		2.4
Total other current assets	$	92.9	$	113.3
Property, plant and equipment, net
Land and land improvements	$	41.0	$	40.6
Buildings and leasehold improvements	185.5		181.6
Machinery and equipment	461.4		440.4
Construction in progress	30.3		16.5
Total property, plant and equipment	718.2		679.1
Accumulated depreciation and amortization	428.8		394.6
Total property, plant and equipment, net	$	289.4	$	284.5
Other non-current assets
Deferred compensation plan assets	$	20.0	$	17.3
Lease right-of-use assets	45.6		44.2
Deferred tax assets	29.8		40.9
Other non-current assets	13.2		15.1
Total other non-current assets	$	108.6	$	117.5
Other current liabilities
Dividends payable	$	29.4	$	29.7
Accrued rebates	40.5		44.1
Contract liabilities	11.3		13.7
Accrued taxes payable	32.8		24.8
Current lease liabilities	14.2		14.7
Other current liabilities	60.3		58.7
Total other current liabilities	$	188.5	$	185.7
Other non-current liabilities
Income taxes payable	$	31.7	$	31.9
Deferred compensation plan liabilities	20.0		17.3
Non-current lease liabilities	35.7		33.7
Other non-current liabilities	22.9		10.6
Total other non-current liabilities	$	110.3	$	93.5

XML

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

Components of AOCI consist of the following at December 31:

In millions	2020		2019
Cumulative translation adjustments	$	(104.2)	$	(100.5)
Change in market value of derivative financial instruments, net of tax	9.0		1.9
Accumulated other comprehensive income (loss)	$	(95.2)	$	(98.6)

XML

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt and Average Interest Rates on Debt Outstanding

Debt and the average interest rates on debt outstanding were as follows:

In millions	Average interest rate at	Maturity year	December 31
	December 31, 2020		2020		2019
Revolving credit facility	1.520%	2023	$	34.6	$	134.6
Senior notes - fixed rate	3.950%	2023	300.0		300.0
Senior notes - fixed rate	4.550%	2028	500.0		500.0
Term loan facility	1.520%	2023	117.5		135.0
Unamortized issuance costs and discounts	N/A	N/A	(4.1)		(5.0)
Total debt			948.0		1,064.6
Less: Current maturities and short-term borrowings			(20.0)		(17.5)
Long-term debt			$	928.0	$	1,047.1

Debt Outstanding Matures on Calendar Year Basis

Debt outstanding at December 31, 2020, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:

In millions	2021		2022		2023		2024		2025		Thereafter		Total
Contractual debt obligation maturities	$	20.0	$	20.0	$	412.1	$	—	$	—	$	500.0	$	952.1

XML

Derivatives and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments

The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, at December 31 were as follows:

	2020				2019
In millions	Recorded Amount		Fair Value		Recorded Amount		Fair Value
Variable rate debt	$	152.1	$	152.1	$	269.6	$	269.6
Fixed rate debt	800.0		915.2		800.0		863.5
Total debt	$	952.1	$	1,067.3	$	1,069.6	$	1,133.1

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis at December 31 were as follows:

Recurring fair value measurements	2020
In millions	Level 1		Level 2		Level 3		NAV		Total
Foreign currency contract liabilities	$	—	$	(14.3)	$	—	$	—	$	(14.3)
Foreign currency contract assets	—		0.9		—		—		0.9
Interest rate swap assets	—		2.1		—		—		2.1
Deferred compensation plan assets	15.6		—		—		4.4		20.0
Total recurring fair value measurements	$	15.6	$	(11.3)	$	—	$	4.4	$	8.7

Recurring fair value measurements	2019
In millions	Level 1		Level 2		Level 3		NAV		Total
Foreign currency contract liabilities	$	—	$	(3.4)	$	—	$	—	$	(3.4)
Foreign currency contract assets	—		7.6		—		—		7.6
Deferred compensation plan assets	12.8		—		—		4.5		17.3
Total recurring fair value measurements	$	12.8	$	4.2	$	—	$	4.5	$	21.5

XML

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income (loss) before income taxes and noncontrolling interest

Income (loss) before income taxes consisted of the following:

	Years ended December 31
In millions	2020		2019		2018
Federal (1)	$	(1.7)	$	(21.1)	$	(20.4)
International (2)	(7.8)		278.5		289.1
Income (loss) before income taxes	$	(9.5)	$	257.4	$	268.7

(1)"Federal" reflects U.K. income (loss) before income taxes.

(2)"International" reflects non-U.K. income (loss) before income taxes.

Provision for Income Taxes

The provision for income taxes consisted of the following:

	Years ended December 31
In millions	2020		2019		2018
Currently payable
International (1)	51.8		55.6		47.0
Total current taxes	51.8		55.6		47.0
Deferred
Federal (2)	$	0.2	$	—	$	—
International (1)	(14.3)		(20.9)		(9.1)
Total deferred taxes	(14.1)		(20.9)		(9.1)
Total provision for income taxes	$	37.7	$	34.7	$	37.9

(1)"International" represents non-U.K. taxes.

(2)"Federal" represents U.K. taxes.

Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate

Reconciliations of the federal statutory income tax rate to our effective tax rate were as follows:

	Years ended December 31
Percentages	2020		2019		2018
Federal statutory income tax rate (1)	19.0	%	19.0	%	19.0	%
Tax effect of international operations (2)	153.1		(2.2)		(6.1)
Change in valuation allowances	(308.0)		(3.6)		0.9
Withholding taxes	(14.3)		0.4		0.3
Excess tax benefits on stock-based compensation	1.2		(0.1)		—
Tax effect of goodwill impairment	(247.8)		—		—
Effective tax rate (3)	(396.8	%)	13.5	%	14.1	%

(1)The statutory rate for 2020, 2019 and 2018 reflects the U.K. statutory rate of 19.0%.

(2)The tax effect of international operations consists of non-U.K. jurisdictions.

(3)The Company's effective tax rate for the period ended December 31, 2020 is negative due to the loss before income taxes, resulting primarily from the impairment of goodwill, compared to the net tax expense recorded for the period.

Reconciliations of Gross Unrecognized Tax Benefits

Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:

	Years ended December 31
In millions	2020		2019		2018
Beginning balance	$	17.0	$	16.8	$	24.6
Gross increases for tax positions in prior periods	0.3		0.3		2.3
Gross decreases for tax positions in prior periods	(1.4)		(1.3)		(1.6)
Gross increases based on tax positions related to the current year	1.1		1.8		1.2
Gross decreases related to settlements with taxing authorities	(2.5)		(0.2)		(8.0)
Reductions due to statute expiration	(0.5)		(0.1)		(1.9)
Gross increases (decreases) due to currency fluctuations	0.3		(0.3)		0.2
Gross increases due to acquisitions	2.8		—		—
Ending balance	$	17.1	$	17.0	$	16.8

Schedule of Deferred Tax Assets and Liabilities

Deferred taxes were recorded in the Consolidated Balance Sheets at December 31 as follows:

In millions	2020		2019
Other non-current assets	$	29.8	$	40.9
Deferred tax liabilities	230.1		237.8
Net deferred tax liabilities	$	200.3	$	196.9

The tax effects of the major items recorded as deferred tax assets and liabilities at December 31 were as follows:

In millions	2020		2019
Deferred tax assets
Accrued liabilities and reserves	$	8.5	$	10.4
Pension and other post-retirement compensation and benefits	41.4		36.9
Employee compensation and benefits	16.1		11.8
Tax loss and credit carryforwards	137.8		138.1
Interest limitation	15.8		20.0
Other assets	10.1		9.0
Total deferred tax assets	229.7		226.2
Valuation allowance	154.5		125.3
Deferred tax assets, net of valuation allowance	75.2		100.9
Deferred tax liabilities
Property, plant and equipment	17.1		17.6
Goodwill and other intangibles	240.2		262.2
Other liabilities	18.2		18.0
Total deferred tax liabilities	275.5		297.8
Net deferred tax liabilities	$	200.3	$	196.9

XML

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Reconciliations of Benefit Obligations, Plan Assets of Pension Plans and Funded Status of Plans

The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and other post-retirement plans as of and for the years ended December 31, 2020 and 2019:

	Pension plans				Post-retirement health plan
In millions	2020		2019		2020		2019
Change in benefit obligations
Benefit obligation beginning of year	$	210.8	$	199.5	$	17.3	$	16.2
Service cost	6.7		5.9		0.1		0.1
Interest cost	3.5		4.0		0.5		0.6
Plan settlements	(0.2)		(0.5)		—		—
Actuarial loss	11.0		27.3		1.6		1.5
Foreign currency translation	20.6		(4.2)		—		—
Benefits paid	(6.8)		(5.0)		(1.0)		(1.1)
Plan curtailment gain	(4.2)		—		—		—
Plan transfer	—		(16.2)		—		—
Benefit obligation end of year	$	241.4	$	210.8	$	18.5	$	17.3
Change in plan assets
Fair value of plan assets beginning of year	$	28.7	$	41.8	$	—	$	—
Actual return on plan assets	1.9		3.0		—		—
Company contributions	5.7		5.2		1.1		1.1
Plan settlements	(0.3)		(0.5)		—		—
Foreign currency translation	2.0		0.4		—		—
Benefits paid	(6.8)		(5.0)		(1.1)		(1.1)
Plan transfer	—		(16.2)		—		—
Fair value of plan assets end of year	$	31.2	$	28.7	$	—	$	—
Funded status
Fair value of plan assets end of year	$	31.2	$	28.7	$	—	$	—
Benefit obligation end of year	241.4		210.8		18.5		17.3
Benefit obligations in excess of the fair value of plan assets	$	(210.2)	$	(182.1)	$	(18.5)	$	(17.3)

Amounts Recognized in Consolidated Balance Sheets

Amounts recorded in the Consolidated Balance Sheets at December 31 were as follows:

	Pension plans				Post-retirement health plan
In millions	2020		2019		2020		2019
Other non-current assets	$	2.1	$	1.7	$	—	$	—
Current liabilities	(4.3)		(3.7)		(1.2)		(1.2)
Non-current liabilities	(208.0)		(180.1)		(17.3)		(16.1)
Benefit obligations in excess of the fair value of plan assets	$	(210.2)	$	(182.1)	$	(18.5)	$	(17.3)

Pension Plans with an Accumulated Benefit Obligation or Projected Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 was as follows:

	Projected benefit obligation exceeds the fair value of plan assets				Accumulated benefit  obligation exceeds the fair value of plan assets
In millions	2020		2019		2020		2019
Projected benefit obligation	$	227.7	$	198.3	$	227.7	$	198.3
Fair value of plan assets	15.3		14.6		15.3		14.6
Accumulated benefit obligation	N/A		N/A		221.2		187.1

Components of Net Periodic Benefit Cost

Components of net periodic benefit expense for our pension plans were as follow for the years ended December 31:

In millions	2020		2019		2018
Service cost	$	6.7	$	5.9	$	5.8
Interest cost	3.5		4.0		4.2
Expected return on plan assets	(1.3)		(1.1)		(1.4)
Net actuarial loss	10.3		25.4		7.5
Plan curtailment gain	(4.2)		—		—
Net periodic benefit expense	$	15.0	$	34.2	$	16.1

Weighted-Average Assumptions used to Determine Domestic Benefit Obligations and Domestic Net Periodic Benefit Cost

Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:

	Pension plans						Post-retirement health plan
Percentages	2020		2019		2018		2020		2019		2018
Discount rate	1.26	%	1.54	%	2.25	%	2.17	%	3.08	%	4.10	%
Rate of compensation increase	2.96	%	2.97	%	2.97	%	—	%	—	%	—	%

Weighted-average assumptions used to determine net periodic benefit expense for years ended December 31 were as follows:

	Pension plans						Post-retirement health plan
Percentages	2020		2019		2018		2020		2019		2018
Discount rate	1.54	%	2.25	%	2.25	%	3.08	%	4.10	%	3.40	%
Expected long-term return on plan assets	3.91	%	4.15	%	3.45	%	—	%	—	%	—	%
Rate of compensation increase	2.97	%	2.97	%	2.98	%	—	%	—	%	—	%

Actual Overall Asset Allocation for U.S. And Non-U.S. Plans as Compared to Investment Policy Goals

fixed income and equity securities which is consistent with our investment policy goals. Actual investments for our pension plans as of December 31 were as follows:

	Actual
Percentages	2020		2019
Equity securities	43	%	43	%
Fixed income	41	%	42	%
Alternative investments	12	%	11	%
Cash equivalents	4	%	4	%

Plan Assets Using Fair Value Hierarchy

The fair values of our pension plan assets as of December 31 were as follows:

In millions	2020		2019
Cash equivalents	$	1.3	$	1.2
Fixed income:
Corporate and non U.S. government	12.7		11.9
Other investments (alternative investments)	3.8		3.1
Total investments at fair value	$	17.8	$	16.2
Investments measured at net asset value (equity securities)	13.4		12.5
Total	$	31.2	$	28.7

Expected Future Service to Be Paid by Plans

The following benefit payments, which reflect expected future service or payout from termination, as appropriate, are expected to be paid by the plans for the years ended December 31 as follows:

In millions	Pension plans		Post-retirement health plan
2021	$	5.5	$	1.2
2022	6.0		1.2
2023	5.7		1.2
2024	7.7		1.2
2025	6.5		1.1
Thereafter	42.9		5.1

XML

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Financial Information by Reportable Business Segment

Financial information by reportable segment is included in the following summary:

	Net sales						Segment income (loss)
In millions	2020		2019		2018		2020		2019		2018
Enclosures	$	952.9	$	1,033.8	$	1,019.7	$	148.5	$	181.3	$	174.8
Electrical & Fastening Solutions	569.1		579.6		570.7		150.2		149.7		144.5
Thermal Management	476.6		590.6		623.2		93.9		145.3		154.2
Other	—		—		—		(45.0)		(52.0)		(49.1)
Consolidated	$	1,998.6	$	2,204.0	$	2,213.6	$	347.6	$	424.3	$	424.4

No customer accounted for more than 10% of net sales in 2020, 2019 or 2018.

	Identifiable assets						Depreciation
In millions	2020		2019		2018		2020		2019		2018
Enclosures	$	785.9	$	787.0	$	665.9	$	18.4	$	16.1	$	15.9
Electrical & Fastening Solutions	2,111.8		2,129.3		2,157.7		10.2		9.1		10.1
Thermal Management	1,271.3		1,543.7		1,557.1		7.0		7.9		8.6
Other	197.1		180.3		172.0		2.8		2.3		1.6
Consolidated	$	4,366.1	$	4,640.3	$	4,552.7	$	38.4	$	35.4	$	36.2

	Capital expenditures
In millions	2020		2019		2018
Enclosures	$	17.7	$	15.3	$	13.3
Electrical & Fastening Solutions	10.7		13.3		7.9
Thermal Management	6.2		6.8		5.1
Other	5.4		3.4		13.2
Consolidated	$	40.0	$	38.8	$	39.5

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table presents a reconciliation of consolidated and combined segment income to consolidated and combined income (loss) before income taxes for the years ended December 31:

In millions	2020		2019		2018
Segment income	$	347.6	$	424.3	$	424.4
Impairment of goodwill	(212.3)		—		—
Impairment of trade names	(8.2)		—		—
Restructuring and other	(22.0)		(24.2)		(7.7)
Intangible amortization	(64.2)		(61.4)		(60.9)
Pension and other post-retirement mark-to-market (loss) gain	(8.7)		(27.3)		(7.0)
Acquisition transaction and integration costs	(2.5)		(2.4)		—
Inventory step-up amortization	—		(3.2)		—
Separation costs	—		—		(45.0)
Interest expense, net	(36.4)		(44.7)		(31.2)
Other expense	(2.8)		(3.7)		(3.9)
Income (loss) before income taxes	$	(9.5)	$	257.4	$	268.7

XML

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease, Cost

The weighted average remaining lease term and weighted average discount rate were as follows:

	December 31, 2020		December 31, 2019
Weighted average remaining lease term
Operating leases	5 years		5 years
Weighted average discount rate
Operating leases	3.5	%	4.0	%

Supplemental cash flow information related to operating leases was as follows:

	Year ended December 31
In millions	2020		2019
Cash paid for amounts included in the measurement of lease liabilities	$	17.4	$	18.0
Lease right-of-use assets obtained in exchange for new lease liabilities	16.2		15.5

Future Lease Payments

Future lease payments under non-cancelable operating leases as of December 31, 2020 were as follows:

In millions
2021	$	16.9
2022	12.0
2023	7.9
2024	5.9
2025	4.6
Thereafter	10.0
Total lease payments	$	57.3
Less imputed interest	(7.4)
Total reported lease liability	$	49.9

As of

Future lease payments under non-cancelable operating leases as of December 31, 2019 were as follows:

In millions
2020	$	16.7
2021	11.4
2022	7.5
2023	4.4
2024	3.5
Thereafter	10.9
Total lease payments	$	54.4
Less imputed interest	(6.0)
Total reported lease liability	$	48.4

Operating Leases, Assets and Liabilities

Supplemental balance sheet information related to operating leases as of December 31 was as follows:

In millions	Classification	2020		2019
Assets
Lease right-of-use assets	Other non-current assets	$	45.6	$	44.2
Liabilities
Current lease liabilities	Other current liabilities	$	14.2	$	14.7
Non-current lease liabilities	Other non-current liabilities	35.7		33.7
Total lease liabilities		$	49.9	$	48.4

XML

Selected Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Selected Quarterly Financial Information [Abstract]

Quarterly Financial Information

The following tables present 2020 and 2019 quarterly financial information:

	2020
In millions, except per-share data	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
Net sales	$	520.9	$	447.2	$	509.3	$	521.2	$	1,998.6
Gross profit	195.3		160.3		196.8		197.0		749.4
Operating income (loss)	60.3		45.3		(141.6)		74.4		38.4
Net income (loss)	18.6		25.8		(138.7)		47.1		(47.2)
Earnings (loss) per ordinary share (1)
Basic	$	0.11	$	0.15	$	(0.82)	$	0.28	$	(0.28)
Diluted	$	0.11	$	0.15	$	(0.82)	$	0.28	$	(0.28)

	2019
In millions, except per-share data	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
Net sales	$	538.0	$	539.5	$	559.8	$	566.7	$	2,204.0
Gross profit	209.9		212.2		224.1		219.6		865.8
Operating income	77.5		87.0		86.1		82.5		333.1
Net income	56.4		60.9		59.9		45.5		222.7
Earnings per ordinary share (1)
Basic	$	0.32	$	0.36	$	0.35	$	0.27	$	1.30
Diluted	$	0.32	$	0.35	$	0.35	$	0.27	$	1.29

(1) Amounts may not total to annual earnings because each quarter and year are calculated separately based on basic and diluted weighted-average ordinary shares outstanding during that period.

XML

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)		3 Months Ended	12 Months Ended
	Apr. 30, 2018 shares	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2019 USD ($)
Significant Accounting Policies [Line Items]
Number of reportable segments | segment			3
Spinoff transaction, equity interests issued per ordinary predecessor share (in shares) | shares	1
Allocated amounts					$ 42,500,000
Goodwill, impairment loss			$ 212,300,000	$ 0	0
Goodwill			2,098,200,000	2,279,100,000	2,234,300,000
Impairment of intangible assets			8,200,000
Impairment charges, related to trade names				0	0
Right-of-use asset			45,600,000	44,200,000
Operating lease, liability			49,900,000	48,400,000
Accounting Standards Update 2016-02
Significant Accounting Policies [Line Items]
Right-of-use asset						$ 44,200,000
Operating lease, liability						$ 44,200,000
Electrical & Fastening Solutions
Significant Accounting Policies [Line Items]
Allocated amounts					10,300,000
Thermal Management
Significant Accounting Policies [Line Items]
Goodwill, impairment loss		$ 212,300,000	212,300,000	0
Goodwill		$ 712,500,000	714,200,000	$ 925,500,000	$ 924,100,000
Deferred tax goodwill			$ 21,600,000
Transferred at Point in Time
Significant Accounting Policies [Line Items]
Revenues, percent			75.00%	73.00%	7200.00%
Transferred over Time
Significant Accounting Policies [Line Items]
Revenues, percent			25.00%	27.00%	2800.00%

XML

Basis of Presentation and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2020
Land Improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	5 years
Land Improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	20 years
Buildings and Leasehold Improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	5 years
Buildings and Leasehold Improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	50 years
Machinery and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	3 years
Machinery and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	15 years

XML

Basis of Presentation and Summary of Significant Accounting Policies - Property, Plant and Equipment by Region (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 289.4	$ 284.5
U.S. and Canada
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	159.0	160.7
MEXICO
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	39.6	42.1
EMEA [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	78.8	75.0
Developing
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 12.0	$ 6.7

XML

Revenue - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Net contract assets (liabilities)	$ (21,400,000)	$ (5,500,000)
Contract with Customer, Asset, Credit Loss Expense	$ 0	$ 0

XML

Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 $ in Millions	Dec. 31, 2020 USD ($)
Disaggregation of Revenue [Line Items]
Amount of remaining performance obligation	$ 86.3
Minimum
Disaggregation of Revenue [Line Items]
Performance obligation expected timing of satisfaction	12 months
Maximum
Disaggregation of Revenue [Line Items]
Performance obligation expected timing of satisfaction	18 months

XML

Revenue - Geographic Net Sales Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 521.2	$ 509.3	$ 447.2	$ 520.9	$ 566.7	$ 559.8	$ 539.5	$ 538.0	$ 1,998.6	$ 2,204.0	$ 2,213.6
U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales									1,295.0	1,482.1	1,453.5
Developed Europe
Disaggregation of Revenue [Line Items]
Net sales									471.7	458.1	487.9
Developing
Disaggregation of Revenue [Line Items]
Net sales									189.7	222.2	229.0
Other Developed
Disaggregation of Revenue [Line Items]
Net sales									42.2	41.6	43.2
Enclosures
Disaggregation of Revenue [Line Items]
Net sales									952.9	1,033.8	1,019.7
Enclosures | U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales									618.7	715.5	704.3
Enclosures | Developed Europe
Disaggregation of Revenue [Line Items]
Net sales									238.2	212.5	202.7
Enclosures | Developing
Disaggregation of Revenue [Line Items]
Net sales									82.3	92.5	101.0
Enclosures | Other Developed
Disaggregation of Revenue [Line Items]
Net sales									13.7	13.3	11.7
Thermal Management
Disaggregation of Revenue [Line Items]
Net sales									476.6	590.6	623.2
Thermal Management | U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales									260.2	351.9	351.4
Thermal Management | Developed Europe
Disaggregation of Revenue [Line Items]
Net sales									128.7	136.3	174.4
Thermal Management | Developing
Disaggregation of Revenue [Line Items]
Net sales									74.1	87.7	80.9
Thermal Management | Other Developed
Disaggregation of Revenue [Line Items]
Net sales									13.6	14.7	16.5
Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales									569.1	579.6	570.7
Electrical & Fastening Solutions | U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales									416.1	414.7	397.8
Electrical & Fastening Solutions | Developed Europe
Disaggregation of Revenue [Line Items]
Net sales									104.8	109.3	110.8
Electrical & Fastening Solutions | Developing
Disaggregation of Revenue [Line Items]
Net sales									33.3	42.0	47.1
Electrical & Fastening Solutions | Other Developed
Disaggregation of Revenue [Line Items]
Net sales									$ 14.9	$ 13.6	$ 15.0

XML

Revenue - Vertical Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 521.2	$ 509.3	$ 447.2	$ 520.9	$ 566.7	$ 559.8	$ 539.5	$ 538.0	$ 1,998.6	$ 2,204.0	$ 2,213.6
Enclosures
Disaggregation of Revenue [Line Items]
Net sales									952.9	1,033.8	1,019.7
Thermal Management
Disaggregation of Revenue [Line Items]
Net sales									476.6	590.6	623.2
Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales									569.1	579.6	570.7
Industrial
Disaggregation of Revenue [Line Items]
Net sales									875.7	978.3	1,001.8
Industrial | Enclosures
Disaggregation of Revenue [Line Items]
Net sales									582.2	623.2	626.1
Industrial | Thermal Management
Disaggregation of Revenue [Line Items]
Net sales									183.3	240.4	263.0
Industrial | Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales									110.2	114.7	112.7
Commercial & Residential
Disaggregation of Revenue [Line Items]
Net sales									605.8	637.5	604.9
Commercial & Residential | Enclosures
Disaggregation of Revenue [Line Items]
Net sales									111.1	113.2	87.5
Commercial & Residential | Thermal Management
Disaggregation of Revenue [Line Items]
Net sales									172.7	186.2	187.7
Commercial & Residential | Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales									322.0	338.1	329.7
Energy
Disaggregation of Revenue [Line Items]
Net sales									260.4	314.1	322.4
Energy | Enclosures
Disaggregation of Revenue [Line Items]
Net sales									85.8	103.4	103.4
Energy | Thermal Management
Disaggregation of Revenue [Line Items]
Net sales									114.3	155.5	166.9
Energy | Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales									60.3	55.2	52.1
Infrastructure
Disaggregation of Revenue [Line Items]
Net sales									256.7	274.1	284.5
Infrastructure | Enclosures
Disaggregation of Revenue [Line Items]
Net sales									173.8	194.0	202.7
Infrastructure | Thermal Management
Disaggregation of Revenue [Line Items]
Net sales									6.3	8.5	5.6
Infrastructure | Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales									$ 76.6	$ 71.6	$ 76.2

XML

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract assets	$ 45.6	$ 69.4	$ 74.4
Contract liabilities	11.3	13.7	13.2
Net contract assets (liabilities)	34.3	55.7	$ 61.2
$ Change
Contract assets	(23.8)	(5.0)
Contract liabilities	(2.4)	0.5
Net contract assets (liabilities)	$ 21.4	$ 5.5
% Change
Contract assets	(34.30%)	(6.70%)
Contract liabilities	(17.50%)	3.80%
Net contract assets (liabilities)	(38.40%)	(9.00%)

XML

Restructuring - Additional Information (Details) - Person	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring and Related Activities [Abstract]
Number of employees	500	400	50

XML

Restructuring - Costs Included in Selling, General & Administrative expenses on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 17.7	$ 21.9	$ 7.7
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	15.0	19.6	7.3
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2.7	$ 2.3	$ 0.4

XML

Restructuring - Restructuring Costs by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 17.7	$ 21.9	$ 7.7
Enclosures
Restructuring Cost and Reserve [Line Items]
Restructuring costs	8.5	5.3	1.3
Thermal Management
Restructuring Cost and Reserve [Line Items]
Restructuring costs	6.2	6.6	2.8
Electrical & Fastening Solutions
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1.0	2.2	1.9
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2.0	$ 7.8	$ 1.7

XML

Restructuring - Accrual Activity recorded on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Beginning balance	$ 9.5	$ 3.8
Costs incurred	15.0	19.6
Cash payments and other	(17.9)	(13.9)
Ending balance	$ 6.6	$ 9.5

XML

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Basic and Diluted [Abstract]
Net income (loss)	$ 47.1	$ (138.7)	$ 25.8	$ 18.6	$ 45.5	$ 59.9	$ 60.9	$ 56.4	$ (47.2)	$ 222.7	$ 230.8
Weighted average common shares outstanding
Basic (shares)									169.6	171.6	178.6
Dilutive impact of stock options and restricted stock awards (shares)									0.7	1.4	2.2
Diluted (shares)									169.6	173.0	180.8
Earnings (loss) per ordinary share
Basic (dollars per share)	$ 0.28	$ (0.82)	$ 0.15	$ 0.11	$ 0.27	$ 0.35	$ 0.36	$ 0.32	$ (0.28)	$ 1.30	$ 1.29
Diluted (dollars per share)	$ 0.28	$ (0.82)	$ 0.15	$ 0.11	$ 0.27	$ 0.35	$ 0.35	$ 0.32	$ (0.28)	$ 1.29	$ 1.28
Anti-dilutive stock options excluded from the calculation of diluted earnings per share (in shares)									4.2	2.1	1.0

XML

Acquisitions (Details) - USD ($) $ in Millions			12 Months Ended
	Feb. 10, 2020	Aug. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Payments to acquire business			$ 27.0	$ 127.8	$ 2.0
Eldon Holding AB
Business Acquisition [Line Items]
Payments to acquire business		$ 127.8
Goodwill acquired				$ 51.2
WBT LLC
Business Acquisition [Line Items]
Goodwill acquired			$ 13.7
Payments to acquire assets	$ 29.9
Customer relationships | Eldon Holding AB
Business Acquisition [Line Items]
Intangible assets acquired		$ 46.7
Average useful life	12 years	17 years
Customer relationships | WBT LLC
Business Acquisition [Line Items]
Intangible assets acquired	$ 11.3

XML

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Beginning Balance		$ 2,279,100,000	$ 2,234,300,000
Acquisitions/ divestitures		20,100,000	45,100,000
Foreign currency translation/other		11,300,000	(300,000)
Ending Balance		2,098,200,000	2,279,100,000	$ 2,234,300,000
Goodwill, Impairment Loss		(212,300,000)	0	0
Impairment of intangible assets		8,200,000
Enclosures
Goodwill [Roll Forward]
Beginning Balance		315,400,000	272,000,000.0
Acquisitions/ divestitures		6,400,000	45,100,000
Foreign currency translation/other		10,300,000	(1,700,000)
Ending Balance		332,100,000	315,400,000	272,000,000.0
Goodwill, Impairment Loss		0	0
Thermal Management
Goodwill [Roll Forward]
Beginning Balance		925,500,000	924,100,000
Acquisitions/ divestitures		0	0
Foreign currency translation/other		1,000,000.0	1,400,000
Ending Balance	$ 712,500,000	714,200,000	925,500,000	924,100,000
Goodwill, Impairment Loss	$ (212,300,000)	(212,300,000)	0
Electrical & Fastening Solutions
Goodwill [Roll Forward]
Beginning Balance		1,038,200,000	1,038,200,000
Acquisitions/ divestitures		13,700,000	0
Foreign currency translation/other		0	0
Ending Balance		1,051,900,000	1,038,200,000	$ 1,038,200,000
Goodwill, Impairment Loss		$ 0	$ 0

XML

Goodwill and Other Identifiable Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Acquired Intangible Assets by Major Class [Line Items]
Finite-life intangibles, cost	$ 1,230.8	$ 1,212.7
Accumulated amortization	(398.4)	(333.5)
Finite-life intangibles, net	832.4	879.2
Indefinite-life intangibles	273.1	281.3
Total intangibles, cost	1,503.9	1,494.0
Total intangibles, net	1,105.5	1,160.5
Customer relationships
Acquired Intangible Assets by Major Class [Line Items]
Finite-life intangibles, cost	1,214.5	1,197.9
Accumulated amortization	(389.6)	(326.1)
Finite-life intangibles, net	824.9	871.8
Proprietary technologies and patents
Acquired Intangible Assets by Major Class [Line Items]
Finite-life intangibles, cost	16.3	14.8
Accumulated amortization	(8.8)	(7.4)
Finite-life intangibles, net	$ 7.5	$ 7.4

XML

Goodwill and Other Identifiable Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment loss	$ 212,300,000	$ 0	$ 0
Amortization	64,200,000	61,400,000	60,900,000
Impairment charges, related to trade names		$ 0	$ 0
Impairment of intangible assets	$ 8,200,000

XML

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) $ in Millions	Dec. 31, 2020 USD ($)
Estimated amortization expense
2020	$ 63.4
2021	63.3
2022	63.1
2023	62.5
2024	$ 62.5

XML

Supplemental Balance Sheet Information (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Supplemental Balance Sheet Information [Abstract]
Non-current lease liabilities	$ 35.7	$ 33.7
Operating Lease, Liability, Current	14.2	14.7
Inventories
Raw materials and supplies	67.3	67.1
Work-in-process	24.4	25.6
Finished goods	143.5	152.0
Total inventories	235.2	244.7
Other current assets
Contract assets	45.6	69.4	$ 74.4
Prepaid expenses	29.8	32.5
Deferred income taxes	13.4	9.0
Other current assets	4.1	2.4
Total other current assets	92.9	113.3
Property, plant and equipment, net
Land and land improvements	41.0	40.6
Buildings and leasehold improvements	185.5	181.6
Machinery and equipment	461.4	440.4
Construction in progress	30.3	16.5
Total property, plant and equipment	718.2	679.1
Accumulated depreciation and amortization	428.8	394.6
Total property, plant and equipment, net	289.4	284.5
Other non-current assets
Deferred compensation plan assets	20.0	17.3
Lease right-of-use assets	45.6	44.2
Deferred tax assets	29.8	40.9
Other non-current assets	13.2	15.1
Total other non-current assets	108.6	117.5
Other current liabilities
Dividends payable	29.4	29.7
Accrued rebates	40.5	44.1
Contract liabilities	11.3	13.7	$ 13.2
Accrued taxes payable	32.8	24.8
Other current liabilities	60.3	58.7
Total other current liabilities	188.5	185.7
Other non-current liabilities
Income taxes payable	31.7	31.9
Deferred compensation plan liabilities	20.0	17.3
Other non-current liabilities	22.9	10.6
Total other non-current liabilities	$ 110.3	$ 93.5

XML

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Cumulative translation adjustments	$ (104.2)	$ (100.5)
Market value of derivative financial instruments, net of tax	9.0	1.9
Accumulated other comprehensive income (loss)	$ (95.2)	$ (98.6)

XML

Debt - Debt Outstanding and Average Interest Rates (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Line Items]
Long-term debt, gross	$ 952.1
Unamortized issuance costs and discounts	(4.1)		$ (5.0)
Total debt	948.0		1,064.6
Less: Current maturities and short-term borrowings	(20.0)		(17.5)
Long-term debt	$ 928.0		1,047.1
Revolving Credit Facility
Debt Disclosure [Line Items]
Average interest rate	1.52%
Long-term debt, gross	$ 34.6		134.6
Senior Notes | Term loan facility
Debt Disclosure [Line Items]
Average interest rate	1.52%
Long-term debt, gross	$ 117.5		135.0
Senior Notes | Senior Notes 3.950% Due 2023
Debt Disclosure [Line Items]
Average interest rate		3.95%
Long-term debt, gross	300.0		300.0
Senior Notes | Senior Notes 4.550% Due 2028
Debt Disclosure [Line Items]
Average interest rate		4.55%
Long-term debt, gross	$ 500.0		$ 500.0

XML

Debt - Additional Information (Detail) - USD ($)	1 Months Ended
	Mar. 31, 2018	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, gross		$ 952,100,000
Minimum
Debt Instrument [Line Items]
Leverage ratio		3.00
Maximum
Debt Instrument [Line Items]
Leverage ratio		3.75
Senior Notes | Senior Credit Facilities | Minimum
Debt Instrument [Line Items]
Consolidated unrestricted cash		$ 5,000,000.0
Senior Notes | Senior Credit Facilities | Maximum
Debt Instrument [Line Items]
Consolidated unrestricted cash		250,000,000.0
Senior Notes | Senior Notes 3.950% Due 2023
Debt Instrument [Line Items]
Long-term debt, gross		300,000,000.0		$ 300,000,000.0
Average interest rate			3.95%
Senior Notes | Senior Notes 4.550% Due 2028
Debt Instrument [Line Items]
Long-term debt, gross		500,000,000.0		500,000,000.0
Average interest rate			4.55%
Term loan facility | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 117,500,000		135,000,000.0
Average interest rate		1.52%
Debt term	5 years
Maximum borrowing capacity			$ 200,000,000.0
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 34,600,000		$ 134,600,000
Average interest rate		1.52%
Revolving Credit Facility | Senior Notes
Debt Instrument [Line Items]
Debt term	5 years
Maximum borrowing capacity			$ 600,000,000.0
Increase limit		$ 300,000,000.0
Remaining borrowing capacity		$ 565,400,000

XML

Debt - Debt Outstanding Amounts Maturing (Detail) $ in Millions	Dec. 31, 2020 USD ($)
Contractual debt obligation maturities
2019	$ 20.0
2020	20.0
2021	412.1
2022	0.0
2023	0.0
Thereafter	500.0
Total	$ 952.1

XML

Derivatives and Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 200.0
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax	6.9
AOCI, Derivative Qualifying as Hedge, Excluded Component, after Tax		$ 1.9
Cross Currency Interest Rate Contract
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative liability, notional amount	41.8	34.5
Currency Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, notional amount	$ 329.0	$ 303.5

XML

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Total debt	$ 948.0	$ 1,064.6
Recorded Amount
Derivative [Line Items]
Variable rate debt	152.1	269.6
Fixed rate debt	800.0	800.0
Total debt	952.1	1,069.6
Fair Value
Derivative [Line Items]
Variable rate debt	152.1	269.6
Fixed rate debt	915.2	863.5
Total debt	$ 1,067.3	$ 1,133.1

XML

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges, related to trade names	$ 0	$ 0
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	(3,400,000)		$ (14,300,000)
Foreign currency contract liabilities	7,600,000		900,000
Derivative Asset			2,100,000
Deferred compensation plan assets	17,300,000		20,000,000.0
Total recurring fair value measurements	21,500,000		8,700,000
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	0		0
Foreign currency contract liabilities	0		0
Derivative Asset			0
Deferred compensation plan assets	12,800,000		15,600,000
Total recurring fair value measurements	12,800,000		15,600,000
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	(3,400,000)		(14,300,000)
Foreign currency contract liabilities	7,600,000		900,000
Derivative Asset			2,100,000
Deferred compensation plan assets	0		0
Total recurring fair value measurements	4,200,000		(11,300,000)
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	0		0
Foreign currency contract liabilities	0		0
Derivative Asset			0
Deferred compensation plan assets	0		0
Total recurring fair value measurements	0		0
NAV | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	0		0
Foreign currency contract liabilities	0		0
Derivative Asset			0
Deferred compensation plan assets	4,500,000		4,400,000
Total recurring fair value measurements	$ 4,500,000		$ 4,400,000

XML

Income Taxes - Income (Loss) Before Income Taxes and Noncontrolling Interest (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal	$ (1,700,000)	$ (21,100,000)	$ (20,400,000)
International	(7,800,000)	278,500,000	289,100,000
Income (loss) before income taxes	$ (9,500,000)	$ 257,400,000	$ 268,700,000

XML

Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Currently payable
International	$ 51.8	$ 55.6	$ 47.0
Total current taxes	51.8	55.6	47.0
Deferred
Federal	0.2	0.0	0.0
International	(14.3)	(20.9)	(9.1)
Total deferred taxes	(14.1)	(20.9)	(9.1)
Total provision (benefit) for income taxes	$ 37.7	$ 34.7	$ 37.9

XML

Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	19.00%	19.00%	19.00%
Tax effect of international operations	153.10%	(2.20%)	(6.10%)
Change in valuation allowances	(308.00%)	(3.60%)	0.90%
Withholding taxes	(14.30%)	0.40%	0.30%
Excess tax benefits on stock-based compensation	1.20%	(0.10%)	0.00%
Tax effect of goodwill impairment	(247.80%)	0.00%	0.00%
Effective tax rate (3)	(396.80%)	13.50%	14.10%

XML

Income Taxes - Reconciliations of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 17.0	$ 16.8	$ 24.6
Gross increases for tax positions in prior periods	0.3	0.3	2.3
Gross decreases for tax positions in prior periods	(1.4)	(1.3)	(1.6)
Gross increases based on tax positions related to the current year	1.1	1.8	1.2
Gross decreases related to settlements with taxing authorities	(2.5)	(0.2)	(8.0)
Reductions due to statute expiration	(0.5)	(0.1)	(1.9)
Gross increases (decreases) due to currency fluctuations		(0.3)
Gross increases (decreases) due to currency fluctuations	0.3		0.2
Unrecognized Tax Benefits, Increase Resulting from Acquisition	2.8	0.0	0.0
Ending balance	$ 17.1	$ 17.0	$ 16.8

XML

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Gross unrecognized tax benefits		$ 17.1	$ 17.0	$ 16.8	$ 24.6
Unrecognized tax benefits that would impact effective tax rate		15.9
Gross decreases related to settlements with taxing authorities		(2.5)	(0.2)	$ (8.0)
Payment of penalties		2.3	1.7
Interest on income taxes accrued		3.5	3.0
Tax credit carryforward, foreign		3.1
Deferred tax assets, operating loss carryforwards		484.6
Deferred tax assets, valuation allowance		154.5	$ 125.3
Domestic operating loss carryforward deferred tax assets		400.0
Foreign Country
Income Taxes [Line Items]
Deferred tax assets, valuation allowance		$ 122.1
Scenario, Forecast | Minimum
Income Taxes [Line Items]
Possible amount of decrease during the next twelve months primarily as a result of the resolution of federal, state and foreign examinations and the expiration of various statutes of limitations	$ 0.0
Scenario, Forecast | Maximum
Income Taxes [Line Items]
Possible amount of decrease during the next twelve months primarily as a result of the resolution of federal, state and foreign examinations and the expiration of various statutes of limitations	$ 3.6

XML

Income Taxes - Deferred Taxes (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Other non-current assets	$ 29.8	$ 40.9
Deferred tax liabilities	230.1	237.8
Net deferred tax liabilities	$ 200.3	$ 196.9

XML

Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Accrued liabilities and reserves	$ 8.5	$ 10.4
Pension and other post-retirement compensation and benefits	41.4	36.9
Employee compensation and benefits	16.1	11.8
Tax loss and credit carryforwards	137.8	138.1
Interest limitation	15.8	20.0
Other assets	10.1	9.0
Total deferred tax assets	229.7	226.2
Valuation allowance	154.5	125.3
Deferred tax assets, net of valuation allowance	75.2	100.9
Deferred tax liabilities
Property, plant and equipment	17.1	17.6
Goodwill and other intangibles	240.2	262.2
Other liabilities	18.2	18.0
Total deferred tax liabilities	275.5	297.8
Net deferred tax liabilities	$ 200.3	$ 196.9

XML

Benefit Plans - Obligations and funded status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Change in benefit obligations
Plan curtailment gain	$ 4.2
Change in plan assets
Company contributions	5.7
Pension plans
Change in benefit obligations
Benefit obligation beginning of year	210.8	$ 199.5
Service cost	6.7	5.9	$ 5.8
Interest cost	3.5	4.0	4.2
Plan settlements	(0.2)	(0.5)
Actuarial loss	11.0	27.3
Foreign currency translation	20.6	(4.2)
Benefits paid	(6.8)	(5.0)
Plan curtailment gain	(4.2)	0.0
Plan transfer	0.0	(16.2)
Benefit obligation end of year	241.4	210.8	199.5
Change in plan assets
Fair value of plan assets beginning of year	28.7	41.8
Actual return on plan assets	1.9	3.0
Company contributions		5.2
Plan settlements	(0.3)	(0.5)
Foreign currency translation	2.0	0.4
Benefits paid	(6.8)	(5.0)
Plan transfer	0.0	(16.2)
Fair value of plan assets end of year	31.2	28.7	41.8
Funded status
Fair value of plan assets end of year	28.7	28.7	41.8	$ 31.2	$ 28.7
Benefit obligation end of year	241.4	210.8	199.5	241.4	210.8
Benefit obligations in excess of the fair value of plan assets				(210.2)	(182.1)
Post-retirement
Change in benefit obligations
Benefit obligation beginning of year	17.3	16.2
Service cost	0.1	0.1
Interest cost	0.5	0.6
Plan settlements	0.0	0.0
Actuarial loss	1.6	1.5
Foreign currency translation	0.0	0.0
Benefits paid	(1.0)	(1.1)
Plan curtailment gain	0.0	0.0
Plan transfer	0.0	0.0
Benefit obligation end of year	18.5	17.3	16.2
Change in plan assets
Fair value of plan assets beginning of year	0.0	0.0
Actual return on plan assets	0.0	0.0
Company contributions	1.1	1.1
Plan settlements	0.0	0.0
Foreign currency translation	0.0	0.0
Benefits paid	(1.1)	(1.1)
Plan transfer	0.0	0.0
Fair value of plan assets end of year	0.0	0.0	0.0
Funded status
Fair value of plan assets end of year	0.0	0.0	0.0	0.0	0.0
Benefit obligation end of year	$ 17.3	$ 17.3	$ 16.2	18.5	17.3
Benefit obligations in excess of the fair value of plan assets				$ (18.5)	$ (17.3)

XML

Benefit Plans - Amounts Recorded in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Non-current liabilities	$ (237.9)	$ (207.2)
Defined accumulated benefit obligation plans	234.9	199.5
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Other non-current assets	2.1	1.7
Current liabilities	(4.3)	(3.7)
Non-current liabilities	(208.0)	(180.1)
Benefit obligations in excess of the fair value of plan assets	(210.2)	(182.1)
Post-retirement
Defined Benefit Plan Disclosure [Line Items]
Other non-current assets	0.0	0.0
Current liabilities	(1.2)	(1.2)
Non-current liabilities	(17.3)	(16.1)
Benefit obligations in excess of the fair value of plan assets	$ (18.5)	$ (17.3)

XML

Benefit Plans - Pension Plans with Accumulated Benefit Obligation or Projected Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 227.7	$ 198.3
Fair value of plan assets	15.3	14.6
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	227.7	198.3
Fair value of plan assets	15.3	14.6
Accumulated benefit obligation	$ 221.2	$ 187.1

XML

Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Plan curtailment gain	$ 4.2
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	6.7	$ 5.9	$ 5.8
Interest cost	3.5	4.0	4.2
Expected return on plan assets	(1.3)	(1.1)	(1.4)
Net actuarial loss	10.3	25.4	7.5
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment	(4.2)	0.0	0.0
Plan curtailment gain	(4.2)	0.0
Net periodic benefit expense	$ 15.0	$ 34.2	$ 16.1

XML

Benefit Plans - Assumptions Used to Determine Benefit Obligations (Detail)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	1.26%	1.54%	2.25%
Rate of compensation increase	2.96%	2.97%	2.97%
Post-retirement
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.17%	3.08%	4.10%
Rate of compensation increase	0.00%	0.00%	0.00%

XML

Benefit Plans - Assumptions Used to Determine Net Periodic Benefit Expense (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	1.54%	2.25%	2.25%
Expected long-term return on plan assets	3.91%	4.15%	3.45%
Rate of compensation increase	2.97%	2.97%	2.98%
Post-retirement
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.08%	4.10%	3.40%
Expected long-term return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%	0.00%

XML

Benefit Plans - Assumptions, Discount Rates (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	0.00%	0.25%	0.50%
Expected rate of return on plan assets	1.00%	1.00%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.75%	3.25%	4.25%
Expected rate of return on plan assets	5.00%	5.25%	5.50%

XML

Benefit Plans - Asset Allocation (Detail) - Pension plans	Dec. 31, 2020	Dec. 31, 2019
Equity securities
Plan Assets
Asset allocation	43.00%	43.00%
Fixed income
Plan Assets
Asset allocation	41.00%	42.00%
Other securities
Plan Assets
Asset allocation	12.00%	11.00%
Cash
Plan Assets
Asset allocation	4.00%	4.00%

XML

Benefit Plans - Fair Value Measurement (Detail) - Pension plans - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 31.2	$ 28.7	$ 41.8
Level 2 | Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1.3	1.2
Level 2 | Fixed income | Foreign Government
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	12.7	11.9
Level 2 | Other Investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3.8	3.1
Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17.8	16.2
NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 13.4	$ 12.5

XML

Benefit Plans - Cash Flows (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 5,700,000
Minimum
Defined Benefit Plan Disclosure [Line Items]
Expected contribution	$ 7,800,000

XML

Benefit Plans - Estimated Future Benefit Payments (Detail) $ in Millions	Dec. 31, 2020 USD ($)
Pension plans
Defined Benefit Plan Disclosure [Line Items]
2019	$ 5.5
2020	6.0
2021	5.7
2022	7.7
2023	6.5
Thereafter	42.9
Post-retirement health plan
Defined Benefit Plan Disclosure [Line Items]
2019	1.2
2020	1.2
2021	1.2
2022	1.2
2023	1.1
Thereafter	$ 5.1

XML

Benefit Plans - Savings Plan (Details) - USD ($)	6 Months Ended	12 Months Ended			18 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2020
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Percentage of match of compensation				5.00%
Flow 401(K) Plan
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Employee benefits and share-based compensation expense		$ 8,800,000	$ 10,900,000	$ 10,500,000
First 1%
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Employer matching contribution, percent of employee gross pay	50.00%		100.00%		100.00%
Next 5%
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Employer matching contribution, percent of employee gross pay	5.00%				5.00%

XML

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Feb. 22, 2021	Dec. 14, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 19, 2019	Jul. 23, 2018
Stockholders Equity Note Disclosure [Line Items]
Common stock, shares authorized (in shares)			400,000,000.0	400,000,000.0
Common stock, par value (per share)			$ 0.01	$ 0.01
Authorized amount to repurchase shares of common stock						$ 380.0	$ 500.0
Shares repurchased				9,000,000.0
Common stock shares repurchased (in shares)			2,300,000
Share repurchases			$ 43.2	$ 232.7	$ 59.0
Remaining authorized repurchase amount			$ 545.1
Number of shares authorized to repurchase			880,000,000.0
Dividend declared (in dollars per share)		$ 0.175
Dividends payable			$ 29.4	$ 29.7
Dividends paid (in dollars per share)			$ 0.70
Subsequent Event
Stockholders Equity Note Disclosure [Line Items]
Dividend declared (in dollars per share)	$ 0.175

XML

Segment Information - Financial Information by Reportable Segment (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net sales	$ 521,200,000	$ 509,300,000	$ 447,200,000	$ 520,900,000	$ 566,700,000	$ 559,800,000	$ 539,500,000	$ 538,000,000.0	$ 1,998,600,000	$ 2,204,000,000.0	$ 2,213,600,000
Operating Income (Loss)	74,400,000	$ (141,600,000)	$ 45,300,000	$ 60,300,000	82,500,000	$ 86,100,000	$ 87,000,000.0	$ 77,500,000	38,400,000	333,100,000	310,800,000
Identifiable assets	4,366,100,000				4,640,300,000				4,366,100,000	4,640,300,000	4,552,700,000
Depreciation									38,400,000	35,400,000	36,200,000
Capital expenditures									40,000,000.0	38,800,000	39,500,000
Enclosures
Segment Reporting Information [Line Items]
Net sales									952,900,000	1,033,800,000	1,019,700,000
Operating Income (Loss)									148,500,000	181,300,000	174,800,000
Identifiable assets	785,900,000				787,000,000.0				785,900,000	787,000,000.0	665,900,000
Depreciation									18,400,000	16,100,000	15,900,000
Capital expenditures									17,700,000	15,300,000	13,300,000
Thermal Management
Segment Reporting Information [Line Items]
Net sales									476,600,000	590,600,000	623,200,000
Operating Income (Loss)									93,900,000	145,300,000	154,200,000
Identifiable assets	1,271,300,000				1,543,700,000				1,271,300,000	1,543,700,000	1,557,100,000
Depreciation									7,000,000.0	7,900,000	8,600,000
Capital expenditures									6,200,000	6,800,000	5,100,000
Electrical & Fastening Solutions
Segment Reporting Information [Line Items]
Net sales									569,100,000	579,600,000	570,700,000
Operating Income (Loss)									150,200,000	149,700,000	144,500,000
Identifiable assets	2,111,800,000				2,129,300,000				2,111,800,000	2,129,300,000	2,157,700,000
Depreciation									10,200,000	9,100,000	10,100,000
Capital expenditures									10,700,000	13,300,000	7,900,000
Other
Segment Reporting Information [Line Items]
Net sales									0	0	0
Operating Income (Loss)									(45,000,000.0)	(52,000,000.0)	(49,100,000)
Identifiable assets	$ 197,100,000				$ 180,300,000				197,100,000	180,300,000	172,000,000.0
Depreciation									2,800,000	2,300,000	1,600,000
Capital expenditures									5,400,000	3,400,000	13,200,000
Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)									$ 347,600,000	$ 424,300,000	$ 424,400,000

XML

Segment Information - Reconciliation of Income from Continuing Operations from Segments to Consolidated (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating Income (Loss)	$ 74,400,000	$ (141,600,000)	$ 45,300,000	$ 60,300,000	$ 82,500,000	$ 86,100,000	$ 87,000,000.0	$ 77,500,000	$ 38,400,000	$ 333,100,000	$ 310,800,000
Goodwill, impairment loss									212,300,000	0	0
Restructuring costs									(17,700,000)	(21,900,000)	(7,700,000)
Impairment charges, related to trade names										0	0
Income (loss) before income taxes									(9,500,000)	257,400,000	268,700,000
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating Income (Loss)									347,600,000	424,300,000	424,400,000
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Goodwill, impairment loss									(212,300,000)	0	0
Restructuring costs									(22,000,000.0)	(24,200,000)	(7,700,000)
Amortization									(64,200,000)	(61,400,000)	(60,900,000)
Mark-to-market actuarial gains (losses) on pension and post-retirement benefit plans									(8,700,000)	(27,300,000)	(7,000,000.0)
Acquisition transaction and integration costs									(2,500,000)	(2,400,000)	0
Impairment charges, related to trade names									(8,200,000)	0	0
Separation costs									0	0	(45,000,000.0)
Interest expense, net									(36,400,000)	(44,700,000)	(31,200,000)
Other expense									(2,800,000)	(3,700,000)	(3,900,000)
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Inventory Step Up Related To Merger									$ 0	$ (3,200,000)	$ 0

XML

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Term of contract	12 months
Lease rent expense	$ 20.3	$ 19.8	$ 15.8
Additional operating leases	$23 million

XML

Leases - Weighted Average Term and Discount Rate (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted average remaining lease term	5 years	5 years
Weighted average discount rate	3.50%	4.00%

XML

Leases - Future Lease Payments, Topic 842 (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2020	$ 16.9	$ 16.7
2021	12.0	11.4
2022	7.9	7.5
2023	5.9	4.4
2024	4.6	3.5
Thereafter	10.0	10.9
Total lease payments	57.3	54.4
Less imputed interest	(7.4)	(6.0)
Total lease liabilities	$ 49.9	$ 48.4

XML

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 17.4	$ 18.0
Lease right-of-use assets obtained in exchange for new lease liabilities	$ 16.2	$ 15.5

XML

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Lease right-of-use assets	$ 45.6	$ 44.2
Current lease liabilities	14.2	14.7
Non-current lease liabilities	35.7	33.7
Total lease liabilities	$ 49.9	$ 48.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent

XML

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Outstanding value of letters of credit	$ 43.8	$ 70.0

XML

Selected Quarterly Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]
Net sales	$ 521.2	$ 509.3	$ 447.2	$ 520.9	$ 566.7	$ 559.8	$ 539.5	$ 538.0	$ 1,998.6	$ 2,204.0	$ 2,213.6
Gross Profit	197.0	196.8	160.3	195.3	219.6	224.1	212.2	209.9	749.4	865.8	876.1
Operating Income (Loss)	74.4	(141.6)	45.3	60.3	82.5	86.1	87.0	77.5	38.4	333.1	310.8
Net income (loss)	$ 47.1	$ (138.7)	$ 25.8	$ 18.6	$ 45.5	$ 59.9	$ 60.9	$ 56.4	$ (47.2)	$ 222.7	$ 230.8
Earnings (loss) per ordinary share
Basic (dollars per share)	$ 0.28	$ (0.82)	$ 0.15	$ 0.11	$ 0.27	$ 0.35	$ 0.36	$ 0.32	$ (0.28)	$ 1.30	$ 1.29
Diluted (dollars per share)	$ 0.28	$ (0.82)	$ 0.15	$ 0.11	$ 0.27	$ 0.35	$ 0.35	$ 0.32	$ (0.28)	$ 1.29	$ 1.28