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Segment Information
9 Months Ended
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 endedNine months ended
In millionsSeptember 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 Solutions302.3 209.2 774.7 597.7 
Thermal Management143.8 148.3 424.0 441.8 
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 Solutions97.6 60.8 245.4 166.7 
Thermal Management34.8 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 endedNine months ended
In millionsSeptember 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