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Segments, Concentrations and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Financial Information and Reconciliation of Segments Revenue to Unaudited Condensed Consolidated Revenue

Segment financial information and a reconciliation of segment results to unaudited condensed consolidated results are as follows:


	Quarter Ended						Year to Date Ended
	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Net Sales:
Power Transmission Technologies	$	252.5		$	237.6		$	506.2		$	458.6
Automation & Specialty		247.3			252.0			506.5			504.1
Inter-segment eliminations		(1.7	)		(1.0	)		(2.9	)		(2.0	)
Net sales	$	498.1		$	488.6		$	1,009.8		$	960.7
Income from operations:
Segment earnings:
Power Transmission Technologies	$	37.5		$	33.6		$	69.8		$	61.4
Automation & Specialty (1)		32.1			37.4			67.7			78.8
Corporate expenses (2)		(5.4	)		(4.7	)		(5.3	)		(7.9	)
Restructuring costs		(0.5	)		(0.8	)		(0.9	)		(1.7	)
Income from operations	$	63.7		$	65.5		$	131.3		$	130.6
Other non-operating expense:
Net interest expense		11.8			16.5			23.1			33.4
Other non-operating income, net		(1.9	)		(1.7	)		(2.0	)		(3.2	)
Total non-operating expense	$	9.9		$	14.8		$	21.1		$	30.2
Income before income taxes		53.8			50.7			110.2			100.4
Provision for income taxes		27.5			9.9			39.1			20.4
Net income	$	26.3		$	40.8		$	71.1		$	80.0

(1)

The Company recorded non-cash impairment charges of $2.2 million and $8.3 million at the JVS reporting unit during the quarter and year to date periods ended June 30, 2022, respectively, related to the held for sale classification.

(2)

Certain expenses are maintained at the corporate level and are not allocated to the segments. These include various administrative expenses related to the corporate headquarters, depreciation on capitalized software costs, non-capitalizable software implementation costs and acquisition related expenses.

Reconciliation of Segment Assets to Consolidated Assets

Selected information by segment (continued):


	Quarter Ended				Year to Date Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Depreciation and amortization:
Power Transmission Technologies	$	7.1	$	8.0	$	14.5	$	16.0
Automation & Specialty		16.0		22.3		32.2		44.3
Corporate		0.6		0.7		1.2		1.4
Total depreciation and amortization	$	23.7	$	31.0	$	47.9	$	61.7


	June 30, 2022		June 30, 2021
Total assets:
Power Transmission Technologies	$	1,065.6	$	1,070.5
Automation & Specialty		2,522.2		2,981.2
Corporate (3)		106.4		160.2
Total assets	$	3,694.2	$	4,211.9

(3)

Corporate assets are primarily cash and cash equivalents, tax related asset accounts, certain capitalized software costs, property, plant and equipment and deferred financing costs.

Net Sales to Third Parties by Geographic Region

Net sales to third parties by geographic region are as follows:


	Net Sales
	Quarter Ended				Year to Date Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
North America (primarily U.S.)	$	280.8	$	255.5	$	572.1	$	502.5
Europe excluding Germany		93.2		90.3		186.6		175.2
Germany		55.1		50.5		111.5		101.5
China		39.3		64.0		81.2		128.1
Asia and other excluding China		29.7		28.3		58.4		53.4
Total	$	498.1	$	488.6	$	1,009.8	$	960.7