Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

We evaluate performance based on 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, acquisition related costs, costs of restructuring activities, impairments and other unusual non-operating items.

Financial information by reportable segment is as follows:

	Three months ended
In millions	March 31, 2024		March 31, 2023
Net sales
Enclosures	$	439.9	$	391.0
Electrical & Fastening Solutions	292.2		205.7
Thermal Management	142.5		143.9
Total	$	874.6	$	740.6
Segment income (loss)
Enclosures	$	94.8	$	82.5
Electrical & Fastening Solutions	85.2		61.3
Thermal Management	31.8		30.9
Other	(19.5)		(26.7)
Total	$	192.3	$	148.0

The following table presents a reconciliation of segment income to income before income taxes:

	Three months ended
In millions	March 31, 2024		March 31, 2023
Segment income	$	192.3	$	148.0
Restructuring and other	(1.3)		(4.0)
Intangible amortization	(25.2)		(17.6)
Acquisition transaction and integration costs	(6.6)		(2.3)
Net interest expense	(22.2)		(7.8)
Other expense	(1.2)		(1.2)
Income before income taxes	$	135.8	$	115.1