v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's results are reported in the following two business segments, Utility Solutions and Electrical Solutions. These segments reflect how the Company's businesses are managed, the type of products sold and the end markets served.

For further information regarding the Company's segment operations, see Note 21 Industry Segments and Geographic Area Information within the Company’s audited consolidated financial statements set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

The chief operating decision maker is the Chairman of the Board, President and Chief Executive Officer (CODM). The Company's method for measuring profitability on a reportable segment basis and used by the CODM to assess performance and allocate resources is operating income. This measure is used to monitor performance compared to prior period, forecasted results, and the annual plan.

The following tables set forth financial information by reporting segment (in millions). When reading the data, the following items should be noted:
•Segment Net sales comprise sales to unaffiliated customers - inter-segment and inter-area sales are not significant and are eliminated in consolidation.
•Segment operating income consists of Net sales less operating expenses, including total corporate expenses, which are generally allocated to each segment on the basis of the segment's percentage of consolidated Net sales. Interest expense and investment income and other expense, net have not been allocated to segments as these items are centrally managed by the Company.
•General corporate assets not allocated to segments are principally cash, prepaid pensions, investments and deferred taxes. These assets have not been allocated as they are centrally managed by the Company.
Three Months Ended March 31,
20252024
Net Sales:
Utility Solutions$857.1 $894.0 
Electrical Solutions508.1 505.1 
TOTAL NET SALES$1,365.2 $1,399.1 
Cost of Goods Sold:
Utility Solutions$576.2 $617.9 
Electrical Solutions337.8 333.5 
Total Cost of Goods Sold$914.0 $951.4 
Gross Profit:
Utility Solutions$280.9 $276.1 
Electrical Solutions170.3 171.6 
Total Gross Profit$451.2 $447.7 
Selling and Administrative Expenses:
Utility Solutions$120.9 $118.6 
Electrical Solutions91.3 100.6 
Total Selling and Administrative Expenses$212.2 $219.2 
Operating Income:
Utility Solutions$160.0 $157.5 
Electrical Solutions79.0 71.0 
Total Operating Income$239.0 $228.5 
Loss on disposition of business— (5.3)
Interest expense, net(13.8)(21.1)
Other (expense) income, net(5.3)(0.7)
INCOME BEFORE INCOME TAXES$219.9 $201.4 
Operating Income as a % of Net Sales
Utility Solutions18.7 %17.6 %
Electrical Solutions15.5 %14.1 %
Total Operating Income as a % of Net Sales17.5 %16.3 %
Three Months Ended March 31,
20252024
Capital Expenditures:
Utility Solutions$11.3 $26.4 
Electrical Solutions14.7 13.9 
TOTAL CAPITAL EXPENDITURES$26.0 $40.3 
Depreciation and Amortization:
Utility Solutions$33.8 $48.4 
Electrical Solutions12.9 11.5 
TOTAL DEPRECIATION AND AMORTIZATION$46.7 $59.9 
March 31, 2025December 31, 2024
Assets:
Utility Solutions$4,548.1 $4,478.2 
Electrical Solutions1,990.0 1,865.6 
General Corporate384.0 335.3 
TOTAL ASSETS$6,922.1 $6,679.1