v3.25.4

Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Financial Information by Reportable Business Segment | Net sales and significant expense categories to arrive at our measure of segment profitability by reportable segment for the years ended December 31 were as follows:
| 2025
In millions | Systems Protection | Electrical Connections | Total
Net sales | $ | 2,592.9 |  | $ | 1,300.2 |  | $ | 3,893.1 |
Cost of goods sold(1) | 1,686.5 |  | 721.0 |  |
Selling, general and administrative(1) | 320.1 |  | 184.8 |  |
Research and development(1) | 49.3 |  | 21.8 |  |
Reportable segment income | $ | 537.0 |  | $ | 372.6 |  | $ | 909.6 |
| 2024
In millions | Systems Protection | Electrical Connections | Total
Net sales | $ | 1,823.3 |  | $ | 1,182.8 |  | $ | 3,006.1 |
Cost of goods sold(1) | 1,143.4 |  | 637.1 |  |
Selling, general and administrative(1) | 239.1 |  | 167.5 |  |
Research and development(1) | 37.7 |  | 23.7 |  |
Reportable segment income | $ | 403.1 |  | $ | 354.5 |  | $ | 757.6 |
| 2023
In millions | Systems Protection | Electrical Connections | Total
Net sales | $ | 1,605.9 |  | $ | 1,063.0 |  | $ | 2,668.9 |
Cost of goods sold(1) | 1,011.6 |  | 549.5 |  |
Selling, general and administrative(1) | 218.0 |  | 163.1 |  |
Research and development(1) | 29.7 |  | 19.8 |  |
Reportable segment income | $ | 346.6 |  | $ | 330.6 |  | $ | 677.2 |
(1) These costs exclude certain expenses reported in the Consolidated Statements of Operations 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. One customer within our Systems Protection segment represented approximately 11% of consolidated net sales for the year ended December 31, 2025. No customer accounted for more than 10% of net sales in 2024 or 2023. The following table presents a reconciliation of reportable segment income to consolidated income before income taxes for the years ended December 31:
In millions | 2025 | 2024 | 2023
Systems Protection | $ | 537.0 |  | $ | 403.1 |  | $ | 346.6 |
Electrical Connections | 372.6 |  | 354.5 |  | 330.6 |
Reportable segment income | 909.6 |  | 757.6 |  | 677.2 |
Enterprise and other | (123.8) |  | (105.6) |  | (110.6) |
Impairment of equity investments | — |  | (8.8) |  | — |
Restructuring and other | (7.5) |  | (7.5) |  | (3.9) |
Intangible amortization | (147.1) |  | (94.7) |  | (69.5) |
Pension and other post-retirement mark-to-market gain (loss) | 12.9 |  | 0.1 |  | (13.4) |
Acquisition transaction and integration costs | (14.4) |  | (13.9) |  | (12.8) |
Inventory step-up amortization | — |  | — |  | (17.7) |
Gain on sale of investment | — |  | — |  | 10.3 |
Interest expense, net | (75.0) |  | (106.0) |  | (79.4) |
Other income (expense) | (4.7) |  | 8.0 |  | (4.9) |
Income before income taxes | $ | 550.0 |  | $ | 429.2 |  | $ | 375.3 |
| Identifiable assets(1) |  | Depreciation(2)
In millions | 2025 | 2024 |  | 2025 | 2024 | 2023
Systems Protection | $ | 3,342.2 |  | $ | 2,129.3 |  |  | $ | 31.9 |  | $ | 25.7 |  | $ | 22.4 |
Electrical Connections | 3,281.0 |  | 3,154.7 |  |  | 24.1 |  | 21.8 |  | 16.3 |
Total for reportable segments | 6,623.2 |  | 5,284.0 |  |  | 56.0 |  | 47.5 |  | 38.7 |
Enterprise and other | 228.7 |  | 1,450.9 |  |  | 4.7 |  | 3.8 |  | 5.0 |
Consolidated | $ | 6,851.9 |  | $ | 6,734.9 |  |  | $ | 60.7 |  | $ | 51.3 |  | $ | 43.7 |
(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. (2) 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
In millions |  | 2025 | 2024 | 2023
Systems Protection |  | $ | 66.8 |  | $ | 45.9 |  | $ | 38.1 |
Electrical Connections |  | 19.7 |  | 23.2 |  | 20.7 |
Total for reportable segments |  | 86.5 |  | 69.1 |  | 58.8 |
Enterprise and other |  | 6.8 |  | 4.9 |  | 6.8 |
Consolidated |  | $ | 93.3 |  | $ | 74.0 |  | $ | 65.6 |

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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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