v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION
(11) SEGMENT INFORMATION
Operating profit (loss) is the primary income measure used by the chief operating decision maker (“CODM”), our Chief Executive Officer, to assess segment performance and make operating decisions. Segment performance is assessed exclusive of Corporate and other costs, foreign currency gain (loss), and amortization of intangibles. Corporate and other costs primarily include headquarter management costs, asset impairments and costs that support centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, Legal, and global product platform development and offering management.
The Company determines its reportable segments based on how operations are managed internally for the products and services sold to customers, including how the results are reviewed by the CODM, which includes determining resource allocation methodologies used for reportable segments. The segment performance measure excludes corporate and other costs, as described herein. Intersegment selling prices approximate market prices. Summarized information about the Company’s results of operations by reportable segment and product and service offering follows:
Americas includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in North America and Latin America. This segment’s principal product and service offerings include:
•Products: AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated and prefabricated modular infrastructure solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, software for managing IT equipment.
•Services & spares: Preventative and predictive maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, specialized fluid management, and critical digital infrastructure software.
Asia Pacific includes products and services sold for applications within the data center, communication networks and commercial and industrial markets throughout Greater China, Asia, and India. Due to the similarities of economic characteristics and other qualitative factors, we aggregate Greater China, India and Asia operating segments and we report this as our Asia Pacific reportable segment. Products and services offered are similar to the Americas segment.
Europe, Middle East & Africa includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in Europe, Middle East & Africa. Products and services offered are similar to the Americas segment.
Reportable Business Segments
Three months ended June 30, 2026
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$2,078.4 $935.4 $710.5 $3,724.3 
Intersegment sales7.6 215.5 226.9 450.0 
Net Sales2,070.8 719.9 483.6 3,274.3 
Significant segment expenses
Cost of sales(1)
1,208.1 539.0 277.3 2,024.4 
Marketing, sales and service costs126.7 33.7 30.8 191.2 
Engineering, research and development costs86.4 29.1 24.4 139.9 
Information technology costs30.7 17.0 10.1 57.8 
Other segment items(2)
47.5 5.5 16.8 69.8 
Operating profit (loss)571.4 95.6 124.2 791.2 
Foreign currency gain (loss)(3.9)
Corporate
(75.7)
Total corporate and other(79.6)
Amortization of intangibles(73.7)
Operating profit (loss)637.9 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.
Three months ended June 30, 2025
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$1,609.9 $615.5 $615.2 $2,840.6 
Intersegment sales7.6 55.3 139.6 202.5 
Net Sales1,602.3 560.2 475.6 2,638.1 
Significant segment expenses
Cost of sales(1)
1,021.1 413.7 294.9 1,729.7 
Marketing, sales and service costs88.8 34.7 22.6 146.1 
Engineering, research and development costs55.3 29.0 26.8 111.1 
Information technology costs20.6 12.3 7.6 40.5 
Restructuring costs0.6 0.9 0.3 1.8 
Other segment items(2)
31.3 10.4 19.2 60.9 
Operating profit (loss)384.6 59.2 104.2 548.0 
Foreign currency gain (loss)(2.3)
Corporate(56.4)
Total corporate and other(58.7)
Amortization of intangibles(46.9)
Operating profit (loss)$442.4 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.
Six months ended June 30, 2026
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$3,900.8 $1,566.1 $1,205.4 $6,672.3 
Intersegment sales15.6 332.5 400.4 748.5 
Net Sales3,885.2 1,233.6 805.0 5,923.8 
Significant segment expenses
Cost of sales(1)
2,286.5 901.5 473.6 3,661.6 
Marketing, sales and service costs221.4 66.0 58.3 345.7 
Engineering, research and development costs162.0 56.3 47.4 265.7 
Information technology costs57.5 31.6 18.7 107.8 
Restructuring costs0.1 — (5.0)(4.9)
Other segment items(2)
96.1 15.2 34.3 145.6 
Operating profit (loss)1,061.6 163.0 177.7 1,402.3 
Foreign currency gain (loss)(2.3)
Corporate(170.7)
Total corporate and other(173.0)
Amortization of intangibles(151.3)
Operating profit (loss)1,078.0 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.
Six months ended June 30, 2025
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$2,807.1 $1,101.6 $1,143.5 $5,052.2 
Intersegment sales19.5 94.2 264.4 378.1 
Net Sales2,787.6 1,007.4 879.1 4,674.1 
Significant segment expenses
Cost of sales(1)
1,783.2 738.5 546.9 3,068.6 
Marketing, sales and service costs154.0 63.5 46.8 264.3 
Engineering, research and development costs105.6 54.0 50.1 209.7 
Information technology costs42.5 28.8 17.8 89.1 
Restructuring costs0.7 0.9 0.9 2.5 
Other segment items(2)
57.3 16.8 33.7 107.8 
Operating profit (loss)644.3 104.9 182.9 932.1 
Foreign currency gain (loss)(4.9)
Corporate(101.2)
Total corporate and other(106.1)
Amortization of intangibles(92.9)
Operating profit (loss)$733.1 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.
Total AssetsJune 30, 2026December 31, 2025
Americas$7,617.0 $5,864.3 
Asia Pacific2,266.8 1,810.7 
Europe, Middle East & Africa3,054.2 2,918.0 
12,938.0 10,593.0 
Corporate and other 2,962.9 1,619.4 
Total$15,900.9 $12,212.4 
Depreciation and AmortizationThree months ended June 30, 2026Three months ended June 30, 2025Six months ended June 30, 2026Six months ended June 30, 2025
Americas$72.4 $32.9 $138.2 $65.7 
Asia Pacific10.5 9.1 20.5 18.2 
Europe, Middle East & Africa22.8 22.1 45.1 43.1 
Corporate and other10.1 9.2 19.7 17.9 
Total$115.8 $73.3 $223.5 $144.9 
Capital ExpendituresThree months ended June 30, 2026Three months ended June 30, 2025Six months ended June 30, 2026Six months ended June 30, 2025
Americas$123.4 $21.9 $190.2 $38.1 
Asia Pacific19.5 11.5 40.2 20.9 
Europe, Middle East & Africa19.2 9.8 36.8 16.1 
Corporate and other11.2 1.8 18.7 6.4 
Total$173.3 $45.0 $285.9 $81.5