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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Financial Information by Reportable Segment | as follows:
| Three months ended September 30, 2025
In millions | Systems Protection | Electrical Connections |  | Total
Net sales | $ | 715.6 |  | $ | 338.4 |  |  | $ | 1,054.0 |
Cost of goods sold(1) | 470.5 |  | 184.9 |  |  |
Selling, general and administrative(1) | 85.7 |  | 46.3 |  |  |
Research and development(1) | 13.2 |  | 5.6 |  |  |
Reportable segment income | $ | 146.2 |  | $ | 101.6 |  |  | $ | 247.8 |
| Nine months ended September 30, 2025
In millions | Systems Protection | Electrical Connections |  | Total
Net sales | $ | 1,855.8 |  | $ | 970.6 |  |  | $ | 2,826.4 |
Cost of goods sold(1) | 1,196.9 |  | 536.5 |  |  |
Selling, general and administrative(1) | 236.0 |  | 136.1 |  |  |
Research and development(1) | 35.4 |  | 16.4 |  |  |
Reportable segment income | $ | 387.5 |  | $ | 281.6 |  |  | $ | 669.1 |
| Three months ended September 30, 2024
In millions | Systems Protection | Electrical Connections |  | Total
Net sales | $ | 477.1 |  | $ | 304.9 |  |  | $ | 782.0 |
Cost of goods sold(1) | 302.7 |  | 164.2 |  |  |
Selling, general and administrative(1) | 60.8 |  | 42.5 |  |  |
Research and development(1) | 9.2 |  | 5.6 |  |  |
Reportable segment income | $ | 104.4 |  | $ | 92.6 |  |  | $ | 197.0 |
| Nine months ended September 30, 2024
In millions | Systems Protection | Electrical Connections |  | Total
Net sales | $ | 1,357.8 |  | $ | 896.1 |  |  | $ | 2,253.9 |
Cost of goods sold(1) | 853.3 |  | 479.1 |  |  |
Selling, general and administrative(1) | 174.6 |  | 128.6 |  |  |
Research and development(1) | 26.9 |  | 18.1 |  |  |
Reportable segment income | $ | 303.0 |  | $ | 270.3 |  |  | $ | 573.3 |
(1) These costs exclude certain expenses reported in the Condensed Consolidated Statements of Income and Comprehensive Income that are reflected in 'Enterprise and other', as well as the costs that are excluded from reportable segment income as discussed above.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table presents a reconciliation of reportable segment income to consolidated income before income taxes:
| Three months ended |  | Nine months ended
In millions | September 30, 2025 | September 30, 2024 |  | September 30, 2025 | September 30, 2024
Systems Protection | $ | 146.2 |  | $ | 104.4 |  |  | $ | 387.5 |  | $ | 303.0 |
Electrical Connections | 101.6 |  | 92.6 |  |  | 281.6 |  | 270.3 |
Reportable segment income | 247.8 |  | 197.0 |  |  | 669.1 |  | 573.3 |
Enterprise and other | (34.5) |  | (28.6) |  |  | (93.6) |  | (79.6) |
Restructuring and other | (2.7) |  | (2.8) |  |  | (6.7) |  | (5.9) |
Intangible amortization | (41.9) |  | (26.8) |  |  | (106.0) |  | (66.7) |
Acquisition transaction and integration costs | (2.4) |  | (5.6) |  |  | (9.8) |  | (11.1) |
Net interest expense | (20.9) |  | (30.4) |  |  | (55.9) |  | (76.6) |
Other expense | (1.2) |  | (1.2) |  |  | (3.4) |  | (3.3) |
Income before income taxes | $ | 144.2 |  | $ | 101.6 |  |  | $ | 393.7 |  | $ | 330.1 |
| Identifiable assets(1)
In millions | September 30, 2025 | December 31, 2024
Systems Protection | $ | 3,342.2 |  | $ | 2,129.3 |
Electrical Connections | 3,281.0 |  | 3,154.7 |
Total for reportable segments | 6,623.2 |  | 5,284.0 |
Enterprise and other | 142.5 |  | 1,450.9 |
Consolidated | $ | 6,765.7 |  | $ | 6,734.9 |
(1) Identifiable assets for 'Enterprise and other' includes total assets held for sale attributable to the Company's Thermal Management business of $1,276.1 million as of December 31, 2024. See Note 6 for further information on the Company's sale of the Thermal Management business.
| Depreciation(1)
| Three months ended |  | Nine months ended
In millions | September 30, 2025 | September 30, 2024 |  | September 30, 2025 | September 30, 2024
Systems Protection | $ | 9.6 |  | $ | 6.5 |  |  | $ | 23.6 |  | $ | 18.8 |
Electrical Connections | 6.1 |  | 5.5 |  |  | 18.0 |  | 16.2 |
Total reportable segments | 15.7 |  | 12.0 |  |  | 41.6 |  | 35.0 |
Enterprise and other | 1.1 |  | 1.0 |  |  | 3.4 |  | 2.8 |
Consolidated | $ | 16.8 |  | $ | 13.0 |  |  | $ | 45.0 |  | $ | 37.8 |
(1) These amounts of depreciation disclosed by reportable segment are included within the significant expense categories above, such as cost of goods sold and selling, general and administrative expenses.
| Capital expenditures
| Nine months ended
In millions | September 30, 2025 | September 30, 2024
Systems Protection | $ | 37.1 |  | $ | 28.7 |
Electrical Connections | 14.7 |  | 16.6 |
Total reportable segments | 51.8 |  | 45.3 |
Enterprise and other | 4.8 |  | 2.2 |
Consolidated | $ | 56.6 |  | $ | 47.5 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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