v3.26.1
Acquisitions
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Electrical Products Group Acquisition
On May 1, 2025, we completed the acquisition of the enclosures, switchgear and bus systems businesses of Avail Infrastructure Solutions (the "Electrical Products Group") for approximately $979.6 million in cash. The Electrical Products Group is a leading provider of infrastructure solutions, designed to help ensure safe and reliable electrical operations primarily in the infrastructure vertical, including power utilities and data centers. We operate the Electrical Products Group predominantly within our Systems Protection reporting segment. We funded the purchase price for the acquisition with available cash on hand.
The purchase price has been allocated based on the estimated fair value of assets acquired and liabilities assumed at the date of the Electrical Products Group acquisition. The purchase price allocation was completed in the second quarter of 2026.
The following table summarizes the final fair values of the assets acquired and liabilities assumed in the Electrical Products Group acquisition as previously reported as of December 31, 2025 and revised as of June 30, 2026:
In millionsAs Previously Reported As Revised
Accounts receivable$98.0 $97.7 
Inventories22.0 20.0 
Other current assets87.4 87.4 
Property, plant and equipment38.9 38.9 
Identifiable intangible assets433.8 433.8 
Goodwill439.3 441.6 
Other assets26.2 26.3 
Current liabilities(146.0)(146.1)
Other liabilities(20.0)(20.0)
Purchase price$979.6 $979.6 
The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $441.6 million, substantially all of which is expected to be deductible for income tax purposes. Goodwill recognized from the Electrical Products Group acquisition reflects the future economic benefit resulting from synergies of our combined operations.
Identifiable intangible assets acquired relate to $325.2 million of definite-lived customer relationships with estimated useful lives of 16 and 20 years, $32.8 million of definite-lived proprietary technologies with estimated useful lives of 8 years and $75.8 million of customer backlog with estimated useful lives of approximately 3 years. The fair values of proprietary technologies acquired in the acquisition were determined using a relief-from-royalty method, and the fair values of customer relationships and customer backlog acquired were determined using a multi-period excess earnings method. These methods utilize unobservable inputs that are significant to these fair value measurements and thus classified as Level 3 of the fair value hierarchy.
The following table presents unaudited pro forma financial information as if the acquisition of the Electrical Products Group had occurred on January 1, 2024:
Three months endedSix months ended
In millions, except per share dataJune 30,
2025		June 30,
2025
Pro forma net sales$1,002.0 $1,912.2 
Pro forma net income from continuing operations113.0 207.4 
Pro forma net income115.8 483.9 
Pro forma earnings per ordinary share
Basic
Continuing operations$0.70 $1.27 
Basic earnings per ordinary share$0.72 $2.96 
Diluted
Continuing operations$0.69 $1.25 
Diluted earnings per ordinary share$0.71 $2.92 
The unaudited pro forma net income includes adjustments for the amortization of acquired intangible assets, as well as the related income tax impact.
The pro forma condensed consolidated financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information and actual amounts
may differ materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the Electrical Products Group acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the Electrical Products Group acquisition occurred on January 1, 2024