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v3.23.3

Segment Information | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information We evaluate performance based on net sales and segment income 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 represents operating income exclusive of intangible amortization, acquisition-related expenses, costs of restructuring activities, impairments and other unusual non-operating items. Financial information by reportable segment is as follows:
| Three months ended |  | Nine months ended
In millions | September 30, 2023 | September 30, 2022 |  | September 30, 2023 | September 30, 2022
Net sales |  |  |  |  |
Enclosures | $ | 412.7 |  | $ | 387.7 |  |  | $ | 1,203.7 |  | $ | 1,127.9 |
Electrical & Fastening Solutions | 302.3 |  | 209.2 |  |  | 774.7 |  | 597.7 |
Thermal Management | 143.8 |  | 148.3 |  |  | 424.0 |  | 441.8 |
Total | $ | 858.8 |  | $ | 745.2 |  |  | $ | 2,402.4 |  | $ | 2,167.4 |
Segment income (loss) |  |  |  |  |
Enclosures | $ | 89.4 |  | $ | 71.9 |  |  | $ | 261.9 |  | $ | 183.7 |
Electrical & Fastening Solutions | 97.6 |  | 60.8 |  |  | 245.4 |  | 166.7 |
Thermal Management | 34.8 |  | 35.9 |  |  | 94.3 |  | 96.6 |
Other | (19.8) |  | (24.6) |  |  | (70.3) |  | (67.6) |
Total | $ | 202.0 |  | $ | 144.0 |  |  | $ | 531.3 |  | $ | 379.4 |
The following table presents a reconciliation of segment income to income before income taxes:
| Three months ended |  | Nine months ended
In millions | September 30, 2023 | September 30, 2022 |  | September 30, 2023 | September 30, 2022
Segment income | $ | 202.0 |  | $ | 144.0 |  |  | $ | 531.3 |  | $ | 379.4 |
Intangible amortization | (25.6) |  | (17.6) |  |  | (64.5) |  | (53.1) |
Restructuring and other | (5.4) |  | (5.9) |  |  | (11.9) |  | (10.2) |
Acquisition transaction and integration costs | (3.0) |  | — |  |  | (10.2) |  | (0.8) |
Inventory step-up amortization | (11.8) |  | — |  |  | (17.7) |  | — |
Net interest expense | (25.5) |  | (8.1) |  |  | (55.0) |  | (22.8) |
Gain on sale of investment | — |  | — |  |  | 10.2 |  | — |
Other expense | (1.4) |  | (0.5) |  |  | (3.7) |  | (2.3) |
Income before income taxes | $ | 129.3 |  | $ | 111.9 |  |  | $ | 378.5 |  | $ | 290.2 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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