nVent Electric plc Files 2023 Annual Report on Form 10-K

TL;DR

<b>nVent Electric plc has filed its 2023 10-K annual report detailing financial performance and operations.</b>

AI Summary

nVent Electric plc (NVT) filed a Annual Report (10-K) with the SEC on February 20, 2024. nVent Electric plc filed its annual report for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in London, UK. The filing includes financial data for the fiscal years 2023, 2022, and 2021. nVent Electric plc is incorporated in the UK.

Why It Matters

For investors and stakeholders tracking nVent Electric plc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of nVent's financial health and strategic positioning for the fiscal year 2023, crucial for investors assessing its performance. The detailed financial statements and risk factors within the report offer insights into the company's operational efficiency, market challenges, and future outlook.

Risk Assessment

Risk Level: medium — nVent Electric plc shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure. However, the specific financial details and risk factors presented will determine the actual risk level for investors.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis in the 10-K to understand nVent's performance drivers and potential risks for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-02-20 — Filing Date (The date the 10-K was filed with the SEC.)
• 2023 — Reporting Year (The primary year covered by the report.)
• 2022 — Prior Year (Comparative financial data year.)
• 2021 — Prior Year (Comparative financial data year.)

Key Players & Entities

• nVent Electric plc (company) — Filer of the 10-K report.
• 2023-12-31 (date) — Fiscal year end date.
• 2024-02-20 (date) — Filing date.
• London (location) — Location of principal executive offices.
• ST. LOUIS PARK (location) — Location of mail address.

FAQ

Industry Context

nVent Electric plc operates in the electrical components and equipment industry, providing solutions for various industrial, commercial, and residential applications.

Regulatory Implications

As a UK-based company filing with the US SEC, nVent Electric plc must comply with both UK corporate regulations and US Securities Act of 1934 requirements.

What Investors Should Do

1. Analyze the consolidated financial statements for revenue, net income, and cash flows for FY2023.
2. Review the 'Risk Factors' section for any new or evolving risks impacting nVent's business.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into performance trends.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, providing the most current annual financial overview.

Key Financial Figures

• $0.01 — istered Ordinary Shares, nominal value $0.01 per share NVT New York Stock Exchange
• $51.67 — gistrant, based on the closing price of $51.67 per share as reported on the New York S
• $1.1 billion — C ("ECM Industries"), for approximately $1.1 billion in cash, subject to customary adjustmen

Filing Documents

• nvt-20231231.htm (10-K) — 2148KB
• ex47descriptionofsecuritie.htm (EX-4.7) — 74KB
• ex1017non-employeedirector.htm (EX-10.17) — 12KB
• ex1023directorrestrictedst.htm (EX-10.23) — 14KB
• ex1024nventelectricplc-for.htm (EX-10.24) — 176KB
• ex21nventplcsubsidiaries20.htm (EX-21) — 70KB
• ex23-consentofregisteredpu.htm (EX-23) — 2KB
• ex24powerofattorney2023.htm (EX-24) — 17KB
• ex311ceocertification20231.htm (EX-31.1) — 9KB
• ex312cfocertification20231.htm (EX-31.2) — 9KB
• ex321ceocertification20231.htm (EX-32.1) — 5KB
• ex322cfocertification20231.htm (EX-32.2) — 5KB
• ex97nventelectricplcrecove.htm (EX-97) — 38KB
• nvt-20231231_g1.jpg (GRAPHIC) — 107KB
• nvt-20231231_g2.jpg (GRAPHIC) — 139KB
• 0001720635-24-000012.txt (&nbsp;) — 13282KB
• nvt-20231231.xsd (EX-101.SCH) — 71KB
• nvt-20231231_cal.xml (EX-101.CAL) — 138KB
• nvt-20231231_def.xml (EX-101.DEF) — 419KB
• nvt-20231231_lab.xml (EX-101.LAB) — 919KB
• nvt-20231231_pre.xml (EX-101.PRE) — 690KB
• nvt-20231231_htm.xml (XML) — 2184KB

Risk Factors

ITEM 1A. Risk Factors 6

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments 17

Cybersecurity

ITEM 1C. Cybersecurity 17

Properties

ITEM 2. Properties 18

Legal Proceedings

ITEM 3. Legal Proceedings 19

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 19 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22

Reserved

ITEM 6. Reserved 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures about Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk 39

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data 40

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 78

Controls and Procedures

ITEM 9A. Controls and Procedures 78

Other Information

ITEM 9B. Other Information 78

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 78 PART III

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance 79

Executive Compensation

ITEM 11. Executive Compensation 79

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79

Certain Relationships and Related Transactions and Director Independence

ITEM 13. Certain Relationships and Related Transactions and Director Independence 80

Principal Accounting Fees and Services

ITEM 14. Principal Accounting Fees and Services 80 PART IV

Exhibits and Financial Statement Schedules

ITEM 15. Exhibits and Financial Statement Schedules 81

Form 10-K Summary

ITEM 16. Form 10-K Summary 83

Signatures

Signatures 84 PART I

BUSINESS

ITEM 1. BUSINESS COMPANY OVERVIEW nVent Electric plc is a leading global provider of electrical connection and protection solutions. We believe safer systems ensure a more secure world. We connect and protect with inventive electrical solutions. We design, manufacture, market, install and service high performance products and solutions that are helping to build a more sustainable and electrified world. We have a comprehensive portfolio of enclosures, electrical fastening solutions and thermal management solutions, and we are recognized globally for quality, reliability and innovation. Our broad range of products and solutions support industrial, commercial and residential, infrastructure, and energy applications around the world. Our solutions help our customers improve energy efficiency, ensure resiliency and protection, increase customer productivity, design for extended lifespan and serviceability, enhance safety and contribute to more sustainable operations. Our portfolio of premier, industry-leading brands, some of which have a history spanning over 100 years, includes nVent CADDY, ERICO, GARDNER BENDER, HOFFMAN, ILSCO, RAYCHEM, SCHROFF and TRACER. Unless the context otherwise indicates, references herein to "nVent," the "Company," and such words as "we," "us," and "our" include nVent Electric plc and its consolidated subsidiaries. Our principal office is in London, United Kingdom and our management office in the United States ("U.S.") is in Minneapolis, Minnesota. The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have our tax residency in the U.K. HISTORY AND DEVELOPMENT On April 30, 2018, Pentair plc ("Pentair") completed the separation of its Water business and its Electrical business into two independent, publicly-traded companies (the "separation"). To effect the separation, Pentair

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View this 10-K filing on SEC EDGAR