Segment Information (Notes)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s segments are reported on the same basis used by our chief operating decision maker for evaluating performance and for allocating resources. Our three reportable segments are referred to as: Motion Technologies, Industrial Process, and Connect & Control Technologies.

Motion Technologies manufactures brake components and specialized sealing solutions, shock absorbers and damping technologies primarily for the global automotive, truck and trailer, public bus and rail transportation markets.

Industrial Process manufactures engineered fluid process equipment serving a diversified mix of customers in global industries such as chemical, energy, mining, and other industrial process markets and is a provider of plant optimization and efficiency solutions and aftermarket services and parts.

Connect & Control Technologies manufactures harsh-environment connector solutions, critical energy absorption, flow control components, and composite materials for the aerospace and defense, general industrial, medical, and energy markets.

Assets of our reportable segments exclude general corporate assets, which principally consist of cash, investments, deferred taxes, and certain property, plant and equipment. These assets are included within Corporate and Other, which is described further below.

Corporate and Other consists of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs, as well as charges related to certain matters, such as asbestos and environmental liabilities, that are managed at a corporate level and are not included in segment results when evaluating performance or allocating resources. In addition, Corporate and Other includes research and development-related expenses associated with a subsidiary that does not constitute a reportable segment.

The following table presents our revenue, operating income, and operating margin for each segment.

	Revenue						Operating Income						Operating Margin
For the Year Ended December 31	2022		2021		2020		2022		2021		2020		2022		2021		2020
Motion Technologies	$	1,374.0	$	1,368.6	$	1,121.1	$	208.5	$	258.2	$	184.0	15.2	%	18.9	%	16.4	%
Industrial Process	971.0		843.2		843.0		187.6		126.8		77.6		19.3	%	15.0	%	9.2	%
Connect & Control Technologies	645.6		554.7		516.5		115.8		81.7		57.0		17.9	%	14.7	%	11.0	%
Eliminations	(2.9)		(1.5)		(2.8)		—		—		—		—		—
Total segment results	2,987.7		2,765.0		2,477.8		511.9		466.7		318.6		17.1	%	16.9	%	12.9	%
Asbestos-related benefit (costs), net(a)	—		—		—		—		74.4		(66.3)		—		—		—
Other corporate costs	—		—		—		(43.9)		(36.8)		(25.8)		—		—		—
Total Corporate and other (costs) benefit	—		—		—		(43.9)		37.6		(92.1)		—		—		—
Total	$	2,987.7	$	2,765.0	$	2,477.8	$	468.0	$	504.3	$	226.5	15.7	%	18.2	%	9.1	%

(a)The 2021 period includes a pre-tax gain of $88.8 resulting from the InTelCo Management LLC (InTelCo) divestiture transaction. The 2020 period includes the impact of extending the net asbestos measurement over the full time period we expected claims to be filed against InTelCo. See Note 20, Commitments and Contingencies, for further information.

The following table presents our assets as of December 31, 2022 and 2021, as well as our capital expenditures and depreciation and amortization expense for the years ended December 31, 2022, 2021, and 2020, by segment.

	Assets				Capital Expenditures						Depreciation and Amortization
	2022		2021		2022		2021		2020		2022		2021		2020
Motion Technologies	$	1,311.9	$	1,272.8	$	73.2	$	71.1	$	43.8	$	59.9	$	64.1	$	60.0
Industrial Process	1,218.6		1,030.0		10.9		6.7		8.3		25.3		22.3		23.7
Connect & Control Technologies	751.6		719.3		14.8		8.5		10.6		18.8		21.8		23.1
Corporate and Other	498.2		543.3		5.0		2.1		1.0		3.4		4.9		5.4
Total	$	3,780.3	$	3,565.4	$	103.9	$	88.4	$	63.7	$	107.4	$	113.1	$	112.2

The following table displays consolidated revenue by geographic region. Revenue is attributed to individual regions based on the destination of the product or service delivery.

For the Year Ended December 31, 2022	Motion Technologies		Industrial Process		Connect & Control Technologies		Eliminations		Total
North America(a)	$	266.9	$	566.2	$	390.2	$	(2.8)	$	1,220.5
Europe(b)	756.7		94.6		136.4		—		987.7
Asia(c)	333.6		102.8		88.1		(0.1)		524.4
Middle East and Africa	1.3		120.8		22.4		—		144.5
South America	15.5		86.6		8.5		—		110.6
Total	$	1,374.0	$	971.0	$	645.6	$	(2.9)	$	2,987.7
For the Year Ended December 31, 2021
North America(a)	$	249.9	$	470.1	$	331.4	$	(1.5)	$	1,049.9
Europe(b)	798.8		96.0		115.5		—		1,010.3
Asia(c)	307.8		99.8		84.0		—		491.6
Middle East and Africa	1.0		97.7		18.1		—		116.8
South America	11.1		79.6		5.7		—		96.4
Total	$	1,368.6	$	843.2	$	554.7	$	(1.5)	$	2,765.0
For the Year Ended December 31, 2020
North America(a)	$	187.3	$	479.0	$	319.3	$	(2.6)	$	983.0
Europe(b)	676.4		95.5		97.4		—		869.3
Asia(c)	243.8		93.1		77.0		(0.2)		413.7
Middle East and Africa	1.5		92.0		18.8		—		112.3
South America	12.1		83.4		4.0		—		99.5
Total	$	1,121.1	$	843.0	$	516.5	$	(2.8)	$	2,477.8

(a)Includes revenue of $978.6, $842.9, and $811.0 from the United States for 2022, 2021, and 2020, respectively.

(b)Includes revenue of $404.7, $418.3, and $334.9 from Germany for 2022, 2021, and 2020, respectively.

(c)Includes revenue of $307.8, $306.5, and $232.9 from China for 2022, 2021, and 2020, respectively.

The following table displays Plant, Property and Equipment (PPE), net by geographic region.

As of December 31	2022		2021
North America(a)	$	156.5	$	160.6
Europe(b)	272.5		263.8
Asia(c)	79.2		81.1
Middle East and Africa	15.8		0.6
South America	2.8		3.0
Total	$	526.8	$	509.1

(a)Includes PPE, net of $125.2 and $130.3 in the United States as of December 31, 2022 and 2021, respectively.

(b)Includes PPE, net of $113.6 and $115.7 in Italy as of December 31, 2022 and 2021, respectively.

(c)Includes PPE, net of $52.8 and $52.5 in China as of December 31, 2022 and 2021, respectively.