Segments, Concentrations and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Net Sales:
Power Transmission Technologies	$	239.3		$	232.5		$	745.5		$	691.1
Automation & Specialty		228.6			237.8			735.1			741.9
Inter-segment eliminations		(1.6	)		(1.0	)		(4.5	)		(3.0	)
Net sales	$	466.3		$	469.3		$	1,476.1		$	1,430.0
Income from operations:
Segment earnings:
Power Transmission Technologies (1)	$	34.3		$	36.5		$	104.1		$	97.9
Automation & Specialty (2)		33.5			30.6			101.2			109.4
Corporate expenses (3)		(5.4	)		(4.6	)		(10.7	)		(12.5	)
Restructuring costs		(3.9	)		(0.7	)		(4.8	)		(2.4	)
Income from operations	$	58.5		$	61.8		$	189.8		$	192.4
Other non-operating expense:
Net interest expense		13.7			16.1			36.8			49.5
Other non-operating (income) expense, net		(0.7	)		0.1			(2.7	)		(3.1	)
Total non-operating expense	$	13.0		$	16.2		$	34.1		$	46.4
Income before income taxes		45.5			45.6			155.7			146.0
Provision for income taxes		11.9			10.2			51.0			30.6
Net income	$	33.6		$	35.4		$	104.7		$	115.4

(1)The Company recorded a non-cash impairment charge of $3.0 million related to a building expected to be sold upon the closing of its facility in Dessau, Germany during the quarter ended September 30, 2022. The asset held for sale is part of “Prepaid expenses and Other current assets” in the consolidated balance sheet.

(2)The Company recorded a non-cash impairment charge of $8.3 million at the JVS reporting unit during the year to date period ended September 30, 2022 related to the held for sale classification.

(3)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
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Depreciation and amortization:
Power Transmission Technologies	$	6.8	$	7.8	$	21.3	$	23.8
Automation & Specialty		15.7		22.2		47.9		66.5
Corporate		0.6		0.6		1.8		2.0
Total depreciation and amortization	$	23.1	$	30.6	$	71.0	$	92.3
	September 30, 2022		September 30, 2021
Total assets:
Power Transmission Technologies	$	1,039.2	$	1,064.3
Automation & Specialty		2,462.7		2,962.8
Corporate (4)		116.0		134.1
Total assets	$	3,617.9	$	4,161.2

(4)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
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
North America (primarily U.S.)	$	277.7	$	256.1	$	849.8	$	758.6
Europe excluding Germany		75.4		83.9		262.0		259.1
Germany		51.0		50.0		162.5		151.5
China		33.0		48.8		114.2		176.9
Asia and other excluding China		29.2		30.5		87.6		83.9
Total	$	466.3	$	469.3	$	1,476.1	$	1,430.0