SEGMENT INFORMATION

6 Months Ended

Jun. 27, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company is comprised of four operating segments: Commercial Systems, Industrial Systems, Climate Solutions and Power Transmission Solutions.

Commercial Systems segment produces fractional to approximately 5 horsepower AC and DC motors, electronic variable speed controls, fans, and blowers for commercial applications. These products serve markets including commercial building ventilation and HVAC, pool and spa, irrigation, dewatering, agriculture, and general commercial equipment.

Industrial Systems segment produces integral motors, generators, alternators and switchgear for industrial applications, along with aftermarket parts and kits to support such products. These products serve markets including agriculture, marine, mining, oil and gas, food and beverage, data centers, healthcare, prime and standby power, and general industrial equipment.

Climate Solutions segment produces small motors, electronic variable speed controls and air moving solutions serving markets including residential and light commercial HVAC, water heaters and commercial refrigeration.

Power Transmission Solutions segment produces, sells and services belt and chain drives, helical and worm gearing, mounted and unmounted bearings, couplings, modular plastic belts, conveying chains and components, hydraulic pump drives, large open gearing and specialty mechanical products serving markets including beverage, bulk handling, metals, special machinery, energy, aerospace and general industrial.

The Company evaluates performance based on the segment's income from operations. Corporate costs have been allocated to each segment based on the net sales of each segment. The reported external net sales of each segment are from external customers.

The following sets forth certain financial information attributable to the Company's operating segments for the three and six months ended June 27, 2020 and June 29, 2019 (in millions):

	Three Months Ended
June 27, 2020	Commercial Systems		Industrial Systems			Climate Solutions			Power Transmission Solutions		Eliminations			Total
External Sales	$	175.9	$	120.6		$	178.2		$	159.4	$	—		$	634.1
Intersegment Sales	16.9		9.1			3.9			0.6		(30.5		)	—
Total Sales	192.8		129.7			182.1			160.0		(30.5		)	634.1
Gross Profit	42.4		24.9			47.4			55.6		—			170.3
Operating Expenses	34.2		21.7			26.6			39.1		—			121.6
Asset Impairments	2.0		—			0.8			—		—			2.8
Income from Operations	6.2		3.2			20.0			16.5		—			45.9
Depreciation and Amortization	8.3		6.0			5.0			14.0		—			33.3
Capital Expenditures	2.2		2.3			2.6			2.4		—			9.5
June 29, 2019
External Sales	$	246.3	$	155.5		$	267.9		$	204.0	$	—		$	873.7
Intersegment Sales	13.4		10.4			4.5			6.7		(35.0		)	—
Total Sales	259.7		165.9			272.4			210.7		(35.0		)	873.7
Gross Profit	65.3		27.7			74.8			66.2		—			234.0
Operating Expenses	42.7		29.0			29.2			41.3		—			142.2
(Gain) Loss on Divestitures	1.8		—			(6.1		)	0.1		—			(4.2		)
Income (Loss) from Operations	20.8		(1.3		)	51.7			24.8		—			96.0
Depreciation and Amortization	8.4		5.6			4.5			13.7		—			32.2
Capital Expenditures	10.7		7.5			9.7			8.1		—			36.0

	Six Months Ended
June 27, 2020	Commercial Systems			Industrial Systems			Climate Solutions			Power Transmission Solutions		Eliminations			Total
External Sales	$	375.3		$	250.2		$	388.3		$	354.5	$	—		$	1,368.3
Intersegment Sales	28.7			15.8			8.4			1.3		(54.2		)	—
Total Sales	404.0			266.0			396.7			355.8		(54.2		)	1,368.3
Gross Profit	93.1			47.5			106.8			126.2		—			373.6
Operating Expenses	71.7			44.6			56.0			81.2		—			253.5
Gain on Divestiture of Businesses	(0.1		)	—			—			—		—			(0.1		)
Asset Impairments	2.8			0.2			1.3			—		—			4.3
Income from Operations	18.7			2.7			49.5			45.0		—			115.9
Depreciation and Amortization	16.6			11.9			9.7			27.7		—			65.9
Capital Expenditures	5.3			4.3			6.2			4.6		—			20.4
June 29, 2019
External Sales	$	488.5		$	293.6		$	531.2		$	414.2	$	—		$	1,727.5
Intersegment Sales	23.9			19.8			9.0			12.6		(65.3		)	—
Total Sales	512.4			313.4			540.2			426.8		(65.3		)	1,727.5
Gross Profit	130.8			51.6			145.5			140.7		—			468.6
Operating Expenses	85.0			56.2			59.7			86.5		—			287.4
(Gain) Loss on Divestiture of Businesses	(39.5		)	0.1			(6.1		)	0.1		—			(45.4		)
Asset Impairments	6.7			0.9			1.3			1.1		—			10.0
Income (Loss) from Operations	78.6			(5.6		)	90.6			53.0		—			216.6
Depreciation and Amortization	17.8			11.7			9.4			27.6		—			66.5
Capital Expenditures	17.4			13.9			12.6			12.3		—			56.2

The following table presents identifiable assets information attributable to the Company's operating segments as of June 27, 2020 and December 28, 2019 (in millions):

	Commercial Systems		Industrial Systems		Climate Solutions		Power Transmission Solutions		Total
Identifiable Assets as of June 27, 2020	$	1,208.5	$	801.9	$	861.8	$	1,535.9	$	4,408.1
Identifiable Assets as of December 28, 2019	$	1,198.5	$	802.8	$	878.3	$	1,551.1	$	4,430.7