Segments, Concentrations and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2019

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:

	Quarters Ended						Year to Date Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Net Sales:
Power Transmission Technologies	$	234.9		$	237.3		$	469.8		$	477.7
Automation & Specialty		233.3			—			482.4			—
Inter-segment eliminations		(1.7	)		—			(2.9	)		—
Net sales	$	466.5		$	237.3		$	949.3		$	477.7
Income from operations:
Segment earnings:
Power Transmission Technologies	$	31.9		$	33.2		$	60.8		$	61.5
Automation & Specialty		31.8			—			72.4			—
Corporate expenses (1)		(3.4	)		(4.6	)		(4.2	)		(12.2	)
Restructuring costs		(3.2	)		(0.6	)		(5.5	)		(1.5	)
Income from operations	$	57.1		$	28.0		$	123.5		$	47.8
Other non-operating (income) expense:
Loss on settlement of pension plan		—			—			—			5.1
Net interest expense		18.6			2.1			38.4			3.9
Other non-operating (income), net		0.4			(0.3	)		1.5			(0.4	)
Total non-operating (income) expense	$	19.0		$	1.8		$	39.9		$	8.6
Income before income taxes		38.1			26.2			83.6			39.2
Provision for income taxes		9.1			7.2			19.4			11.2
Net income	$	29.0		$	19.0		$	64.2		$	28.0

(1) Certain expenses are maintained at the corporate level and not allocated to the segments. These include various administrative expenses related to the Company’s 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, 2019		June 30, 2018		June 30, 2019		June 30, 2018
Depreciation and amortization:
Power Transmission Technologies	$	8.3	$	8.4	$	16.7	$	17.0
Automation & Specialty		23.2		—		46.2		—
Corporate		0.7		0.9		1.4		1.7
Total depreciation and amortization	$	32.2	$	9.3	$	64.3	$	18.7
					June 30, 2019		June 30, 2018
Total assets:
Power Transmission Technologies					$	1,089.2	$	884.0
Automation & Specialty						3,170.3		—
Corporate (2)						98.3		22.6
Total assets					$	4,357.8	$	906.6

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

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, 2019		June 30, 2018		June 30, 2019		June 30, 2018
North America (primarily U.S.)	$	269.8	$	119.0	$	542.8	$	244.7
Europe excluding Germany		79.9		42.5		161.7		86.6
Germany		56.8		48.8		119.0		98.2
Asia and other		60.0		27.0		125.8		48.2
Total	$	466.5	$	237.3	$	949.3	$	477.7