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10-Q Filing

NVENT ELECTRIC PLC CIK: 1720635 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001720635-23-000029
Period End Date 20230331
Filing Date 20230428
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance nvt-20230331_htm.xml
Filing Contents
Balance Sheet 66 line items
Line Item Tag Value Unit Period
Accounts and notes receivable, allowances AllowanceForDoubtfulAccountsReceivableCurrent $9.90M USD Point-in-time
Accounts and notes receivable, allowances AllowanceForDoubtfulAccountsReceivableCurrent $15.80M USD Point-in-time
Ordinary shares, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Ordinary shares, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Ordinary shares authorized (in shares) CommonStockSharesAuthorized 400.00M shares Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $297.50M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $51.10M USD Point-in-time
Ordinary shares authorized (in shares) CommonStockSharesAuthorized 400.00M shares Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $303.10M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $49.50M USD Point-in-time
Accounts and notes receivable, net of allowances of $15.8 and $9.9, respectively AccountsAndNotesReceivableNet $455.00M USD Point-in-time
Ordinary shares issued (in shares) CommonStockSharesIssued 165.70M shares Point-in-time
Ordinary shares issued (in shares) CommonStockSharesIssued 165.30M shares Point-in-time
Accounts and notes receivable, net of allowances of $15.8 and $9.9, respectively AccountsAndNotesReceivableNet $472.50M USD Point-in-time
Inventories InventoryNet $346.70M USD Point-in-time
Inventories InventoryNet $366.50M USD Point-in-time
Other current assets OtherAssetsCurrent $127.20M USD Point-in-time
Other current assets OtherAssetsCurrent $112.50M USD Point-in-time
Total current assets AssetsCurrent $1.23B USD Point-in-time
Total current assets AssetsCurrent $1.25B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $293.00M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $289.20M USD Point-in-time
Goodwill Goodwill $2.18B USD Point-in-time
Goodwill Goodwill $2.18B USD Point-in-time
Intangibles, net IntangibleAssetsNetExcludingGoodwill $1.07B USD Point-in-time
Intangibles, net IntangibleAssetsNetExcludingGoodwill $1.05B USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $141.70M USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $139.60M USD Point-in-time
Total other assets AssetsNoncurrentExcludingPropertyPlantAndEquipment $3.38B USD Point-in-time
Total other assets AssetsNoncurrentExcludingPropertyPlantAndEquipment $3.37B USD Point-in-time
Total assets Assets $4.90B USD Point-in-time
Total assets Assets $4.92B USD Point-in-time
Current maturities of long-term debt and short-term borrowings LongTermDebtCurrent $15.00M USD Point-in-time
Current maturities of long-term debt and short-term borrowings LongTermDebtCurrent $15.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $241.10M USD Point-in-time
Accounts payable AccountsPayableCurrent $252.10M USD Point-in-time
Employee compensation and benefits EmployeeRelatedLiabilitiesCurrent $109.30M USD Point-in-time
Employee compensation and benefits EmployeeRelatedLiabilitiesCurrent $80.10M USD Point-in-time
Other current liabilities OtherAccruedLiabilitiesCurrent $273.10M USD Point-in-time
Other current liabilities OtherAccruedLiabilitiesCurrent $265.10M USD Point-in-time
Total current liabilities LiabilitiesCurrent $601.30M USD Point-in-time
Total current liabilities LiabilitiesCurrent $649.50M USD Point-in-time
Long-term debt LongTermDebt $1.07B USD Point-in-time
Long-term debt LongTermDebt $1.06B USD Point-in-time
Pension and other post-retirement compensation and benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $128.50M USD Point-in-time
Pension and other post-retirement compensation and benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $131.20M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $199.60M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $196.70M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $132.70M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $124.70M USD Point-in-time
Total liabilities Liabilities $2.17B USD Point-in-time
Total liabilities Liabilities $2.13B USD Point-in-time
Ordinary shares $0.01 par value, 400.0 million authorized, 165.7 million and 165.3 million issued at March 31, 2023 and December 31, 2022, respectively CommonStockValueOutstanding $1.70M USD Point-in-time
Ordinary shares $0.01 par value, 400.0 million authorized, 165.7 million and 165.3 million issued at March 31, 2023 and December 31, 2022, respectively CommonStockValueOutstanding $1.70M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $2.36B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $2.37B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $521.80M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $457.30M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-96.00M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-99.60M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.53B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.50B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.73B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.79B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $4.92B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $4.90B USD Point-in-time
Income Statement 40 line items
Line Item Tag Value Unit Period
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $740.60M USD 1 Quarter
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $694.70M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $447.40M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $437.40M USD 1 Quarter
Gross profit GrossProfit $247.30M USD 1 Quarter
Gross profit GrossProfit $303.20M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $162.40M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $142.00M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $16.70M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $15.20M USD 1 Quarter
Operating income OperatingIncomeLoss $124.10M USD 1 Quarter
Operating income OperatingIncomeLoss $90.10M USD 1 Quarter
Net interest expense InterestIncomeExpenseNet $-7.80M USD 1 Quarter
Net interest expense InterestIncomeExpenseNet $-7.20M USD 1 Quarter
Other expense OtherNonoperatingExpense $600.00K USD 1 Quarter
Other expense OtherNonoperatingExpense $1.20M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $115.10M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $82.30M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $14.50M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $21.30M USD 1 Quarter
Net income NetIncomeLoss $67.80M USD 1 Quarter
Net income NetIncomeLoss $93.80M USD 1 Quarter
Net income NetIncomeLoss $67.80M USD 1 Quarter
Net income NetIncomeLoss $93.80M USD 1 Quarter
Changes in cumulative translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $3.00M USD 1 Quarter
Changes in cumulative translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $4.20M USD 1 Quarter
Changes in market value of derivative financial instruments, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent $-600.00K USD 1 Quarter
Changes in market value of derivative financial instruments, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent $-3.70M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $97.40M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $67.10M USD 1 Quarter
Basic pro forma earnings per ordinary share (in dollars per share) BasicEarningsPerShareProForma $0.41 USD 1 Quarter
Basic pro forma earnings per ordinary share (in dollars per share) BasicEarningsPerShareProForma $0.57 USD 1 Quarter
Diluted pro forma earnings per ordinary share (in dollars per share) DilutedEarningsPerShareProForma $0.56 USD 1 Quarter
Diluted pro forma earnings per ordinary share (in dollars per share) DilutedEarningsPerShareProForma $0.40 USD 1 Quarter
Basic (shares) WeightedAverageNumberOfSharesOutstandingBasic 165.30M shares 1 Quarter
Basic (shares) WeightedAverageNumberOfSharesOutstandingBasic 166.20M shares 1 Quarter
Diluted (shares) WeightedAverageNumberOfDilutedSharesOutstanding 168.00M shares 1 Quarter
Diluted (shares) WeightedAverageNumberOfDilutedSharesOutstanding 168.20M shares 1 Quarter
Cash dividends paid per ordinary share (in usd per share) CommonStockDividendsPerShareCashPaid $0.17 USD 1 Quarter
Cash dividends paid per ordinary share (in usd per share) CommonStockDividendsPerShareCashPaid $0.17 USD 1 Quarter
Cash Flow Statement 56 line items
Line Item Tag Value Unit Period
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest ProfitLoss $93.80M USD 1 Quarter
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest ProfitLoss $67.80M USD 1 Quarter
Depreciation Depreciation $11.10M USD 1 Quarter
Depreciation Depreciation $10.70M USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $17.60M USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $17.80M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $600.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $-100.00K USD 1 Quarter
Share-based compensation ShareBasedCompensation $6.60M USD 1 Quarter
Share-based compensation ShareBasedCompensation $5.70M USD 1 Quarter
Accounts and notes receivable IncreaseDecreaseInAccountsReceivable $-20.80M USD 1 Quarter
Accounts and notes receivable IncreaseDecreaseInAccountsReceivable $5.50M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $29.10M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $17.30M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherCurrentAssets $13.50M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherCurrentAssets $22.70M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-7.60M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $6.30M USD 1 Quarter
Employee compensation and benefits IncreaseDecreaseInOtherEmployeeRelatedLiabilities $-28.40M USD 1 Quarter
Employee compensation and benefits IncreaseDecreaseInOtherEmployeeRelatedLiabilities $-30.20M USD 1 Quarter
Other current liabilities IncreaseDecreaseInOtherCurrentLiabilities $-9.30M USD 1 Quarter
Other current liabilities IncreaseDecreaseInOtherCurrentLiabilities $-16.90M USD 1 Quarter
Other non-current assets and liabilities IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet - USD 1 Quarter
Other non-current assets and liabilities IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet $2.30M USD 1 Quarter
Net cash provided by (used for) operating activities NetCashProvidedByUsedInOperatingActivities $69.40M USD 1 Quarter
Net cash provided by (used for) operating activities NetCashProvidedByUsedInOperatingActivities $6.50M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $11.10M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $17.10M USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $200.00K USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $1.90M USD 1 Quarter
Net cash provided by (used for) investing activities NetCashProvidedByUsedInInvestingActivities $-9.20M USD 1 Quarter
Net cash provided by (used for) investing activities NetCashProvidedByUsedInInvestingActivities $-16.90M USD 1 Quarter
Net receipts of revolving long-term debt NetReceiptsOfRevolvingLongTermDebt - USD 1 Quarter
Net receipts of revolving long-term debt NetReceiptsOfRevolvingLongTermDebt $47.80M USD 1 Quarter
Repayments of long-term debt RepaymentsOfLongTermDebt $3.80M USD 1 Quarter
Repayments of long-term debt RepaymentsOfLongTermDebt $1.40M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $29.30M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $29.00M USD 1 Quarter
Shares issued to employees, net of shares withheld ProceedsIssuanceOfSharesShareBasedPaymentArrangementNetOfTaxWithholdingPayments $-3.00M USD 1 Quarter
Shares issued to employees, net of shares withheld ProceedsIssuanceOfSharesShareBasedPaymentArrangementNetOfTaxWithholdingPayments $-2.50M USD 1 Quarter
Repurchases of ordinary shares PaymentsForRepurchaseOfCommonStock $15.20M USD 1 Quarter
Repurchases of ordinary shares PaymentsForRepurchaseOfCommonStock $8.50M USD 1 Quarter
Net cash provided by (used for) financing activities NetCashProvidedByUsedInFinancingActivities $-50.80M USD 1 Quarter
Net cash provided by (used for) financing activities NetCashProvidedByUsedInFinancingActivities $5.90M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-1.60M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.90M USD 1 Quarter
Change in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.60M USD 1 Quarter
Change in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $5.60M USD 1 Quarter
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $297.50M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $51.10M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $303.10M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $49.50M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $297.50M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $51.10M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $303.10M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $49.50M USD Point-in-time
Stockholders Equity 26 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.53B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.50B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.73B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.79B USD Point-in-time
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest ProfitLoss $93.80M USD 1 Quarter
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest ProfitLoss $67.80M USD 1 Quarter
Other Comprehensive Income (Loss), Net of Tax OtherComprehensiveIncomeLossNetOfTax $-700.00K USD 1 Quarter
Other Comprehensive Income (Loss), Net of Tax OtherComprehensiveIncomeLossNetOfTax $3.60M USD 1 Quarter
Dividends, Common Stock DividendsCommonStock $29.30M USD 1 Quarter
Dividends, Common Stock DividendsCommonStock $29.00M USD 1 Quarter
Share repurchases (in shares) StockRepurchasedDuringPeriodShares 100,000.00 shares 1 Quarter
Share repurchases (in shares) StockRepurchasedDuringPeriodShares 300,000.00 shares 1 Quarter
Share repurchases StockRepurchasedDuringPeriodValue $13.20M USD 1 Quarter
Share repurchases StockRepurchasedDuringPeriodValue $3.90M USD 1 Quarter
Stock Issued During Period, Value, Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised $5.10M USD 1 Quarter
Stock Issued During Period, Value, Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised $1.40M USD 1 Quarter
Issuance of restricted shares, net of cancellations StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures 0.00 shares 1 Quarter
Issuance of restricted shares, net of cancellations StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures 0.00 shares 1 Quarter
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $7.50M USD 1 Quarter
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $4.40M USD 1 Quarter
APIC, Share-based Payment Arrangement, Increase for Cost Recognition AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $6.60M USD 1 Quarter
APIC, Share-based Payment Arrangement, Increase for Cost Recognition AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $5.70M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.53B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.50B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.73B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.79B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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