v3.25.4

Benefit Plans | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Benefit Plans | Benefit Plans Pension and other post-retirement plans We sponsor U.S. and non-U.S. defined-benefit pension and other post-retirement plans. The defined benefit pension plans cover certain non-U.S. employees and retirees, and the pension benefits are based principally on an employee's years of service and/or compensation levels near retirement. In addition, we provide certain post-retirement health care benefits that generally provide fixed reimbursements. Obligations and funded status The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and a post-retirement health plan as of and for the years ended December 31:
| Pension plans |  | Post-retirement health plan
In millions | 2025 | 2024 |  | 2025 | 2024
Change in benefit obligations |  |  |  |  |
Benefit obligation beginning of year | $ | 120.3 |  | $ | 125.9 |  |  | $ | 11.4 |  | $ | 12.5 |
Service cost | 1.0 |  | 1.1 |  |  | — |  | 0.1 |
Interest cost | 4.6 |  | 4.0 |  |  | 0.6 |  | 0.6 |
Actuarial (gain) loss | (12.8) |  | 0.6 |  |  | (0.2) |  | (1.0) |
Foreign currency translation | 15.0 |  | (7.5) |  |  | — |  | — |
Benefits paid | (5.4) |  | (3.8) |  |  | (0.7) |  | (0.8) |
Benefit obligation end of year | $ | 122.7 |  | $ | 120.3 |  |  | $ | 11.1 |  | $ | 11.4 |
Change in plan assets |  |  |  |  |
Fair value of plan assets beginning of year | $ | 3.1 |  | $ | 3.2 |  |  | $ | — |  | $ | — |
Actual return on plan assets | 0.2 |  | — |  |  | — |  | — |
Company contributions | 4.7 |  | 3.9 |  |  | 0.7 |  | 0.8 |
Foreign currency translation | 0.4 |  | (0.2) |  |  | — |  | — |
Benefits paid | (5.4) |  | (3.8) |  |  | (0.7) |  | (0.8) |
Fair value of plan assets end of year | $ | 3.0 |  | $ | 3.1 |  |  | $ | — |  | $ | — |
Funded status |  |  |  |  |
Fair value of plan assets end of year | $ | 3.0 |  | $ | 3.1 |  |  | $ | — |  | $ | — |
Benefit obligation end of year | 122.7 |  | 120.3 |  |  | 11.1 |  | 11.4 |
Benefit obligations in excess of the fair value of plan assets | $ | (119.7) |  | $ | (117.2) |  |  | $ | (11.1) |  | $ | (11.4) |
The actuarial changes during 2025 and 2024 are primarily attributable to the changes in discount rates from the prior year. Amounts recorded in the Consolidated Balance Sheets at December 31 were as follows:
| Pension plans |  | Post-retirement health plan
In millions | 2025 | 2024 |  | 2025 | 2024
Current liabilities | $ | (5.2) |  | $ | (4.4) |  |  | $ | (1.1) |  | $ | (1.1) |
Non-current liabilities | (114.5) |  | (112.8) |  |  | (10.0) |  | (10.3) |
Benefit obligations in excess of the fair value of plan assets | $ | (119.7) |  | $ | (117.2) |  |  | $ | (11.1) |  | $ | (11.4) |
The accumulated benefit obligation for all defined benefit pension plans was $121.8 million and $119.3 million at December 31, 2025 and 2024, respectively. Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 was as follows:
| Projected benefit obligation exceeds the fair value of plan assets |  | Accumulated benefit obligation exceeds the fair value of plan assets
In millions | 2025 | 2024 |  | 2025 | 2024
Projected benefit obligation | $ | 122.7 |  | $ | 120.3 |  |  | $ | 121.9 |  | $ | 119.5 |
Fair value of plan assets | 3.0 |  | 3.1 |  |  | 2.2 |  | 2.4 |
Accumulated benefit obligation | N/A | N/A |  | 121.1 |  | 118.7 |
Components of net periodic benefit expense (income) for our pension plans were as follows for the years ended December 31:
In millions | 2025 | 2024 | 2023
Service cost | $ | 1.0 |  | $ | 1.1 |  | $ | 1.1 |
Interest cost | 4.6 |  | 4.0 |  | 4.5 |
Expected return on plan assets | (0.1) |  | (0.1) |  | (0.1) |
Net actuarial loss (gain) | (12.9) |  | 0.6 |  | 13.9 |
Net periodic benefit expense (income) | $ | (7.4) |  | $ | 5.6 |  | $ | 19.4 |
Components of net periodic benefit expense (income) for our post-retirement health plan for the years ended December 31, 2025, 2024 and 2023 were not material. Assumptions Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:
| Pension plans |  | Post-retirement health plan
Percentages | 2025 | 2024 | 2023 |  | 2025 | 2024 | 2023
Discount rate | 4.20 | % | 3.47 | % | 3.47 | % |  | 5.21 | % | 5.48 | % | 4.94 | %
Rate of compensation increase | 3.49 | % | 3.48 | % | 3.47 | % |  | — |  | — |  | — |
Weighted-average assumptions used to determine net periodic benefit expense (income) for years ended December 31 were as follows:
| Pension plans |  | Post-retirement health plan
Percentages | 2025 | 2024 | 2023 |  | 2025 | 2024 | 2023
Discount rate | 3.47 | % | 3.47 | % | 4.22 | % |  | 5.48 | % | 4.94 | % | 5.19 | %
Expected long-term return on plan assets | 2.62 | % | 2.71 | % | 2.73 | % |  | — |  | — |  | — |
Rate of compensation increase | 3.48 | % | 3.47 | % | 3.49 | % |  | — |  | — |  | — |
Uncertainty in the securities markets and U.S. economy could result in investment returns less than those assumed. Should the securities markets decline or medical and prescription drug costs increase at a rate greater than assumed, we would expect increasing annual combined net pension and post-retirement health costs for the next several years. Should actual experience differ from actuarial assumptions, the projected pension benefit obligation and net pension cost and accumulated post-retirement benefit obligation and post-retirement benefit cost would be affected in future years. Discount rates The discount rate reflects the current rate at which the pension plan liabilities could be effectively settled at the end of the year based on our December 31 measurement date. The discount rates on our pension plans ranged from 1.25% to 4.91%, 1.00% to 5.39% and 1.00% to 4.88% in 2025, 2024 and 2023, respectively. The discount rates are determined by matching high-quality, fixed-income debt instruments with maturities corresponding to the expected timing of benefit payments as of the annual measurement date for each of the various plans. There are no known or anticipated changes in our discount rate assumptions that will materially impact our pension expense in 2026. Expected rates of return The expected rates of return on our pension plan assets ranged from 0.50% to 3.25%, 1.00% to 3.25% and 1.00% to 3.75% in 2025, 2024 and 2023, respectively. The expected rate of return is designed to be a long-term assumption that may be subject to considerable year-to-year variance from actual returns. In developing the expected long-term rate of return, we considered our historical returns, with consideration given to forecasted economic conditions, our asset allocations, input from external consultants and broader longer-term market indices. Any difference in the expected rate and actual returns will be included with the actuarial gain or loss recorded in the fourth quarter when our plans are remeasured. Cash flows Contributions Pension and other post-retirement plan contributions totaled $5.4 million and $4.7 million in 2025 and 2024, respectively. The Company expects to contribute $6.6 million to the plans in 2025. Estimated future benefit payments The following benefit payments, which reflect expected future service or payout from termination, as appropriate, are expected to be paid by the plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows:
In millions | Pension plans | Post-retirement health plan
2026 | $ | 5.4 |  | $ | 1.1 |
2027 | 6.4 |  | 1.1 |
2028 | 6.6 |  | 1.0 |
2029 | 6.8 |  | 1.0 |
2030 | 7.0 |  | 1.0 |
2031-2035 | 36.5 |  | 4.3 |
Savings plan nVent is the plan sponsor of a 401(k) retirement plan (nVent Management Company Retirement Savings and Incentive Plan or "401(k) plan") and employee share ownership plan (nVent Electric plc Employee Stock Purchase and Bonus Plan). The 401(k) plan covers certain union and all non-union U.S. employees who met certain age requirements. Under the 401(k) plan, eligible U.S. employees could voluntarily contribute a percentage of their eligible compensation, and we match contributions made by employees who met certain eligibility and service requirements. The employer matching contributions are 100% of the first 5% of eligible compensation. Expense for the 401(k) plan was $15.9 million, $13.5 million, and $11.4 million in 2025, 2024 and 2023, respectively.

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