Accounting Policies (Tables)

12 Months Ended

Jan. 02, 2021

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table presents the Company’s revenues disaggregated by geographical region for the fiscal years ended January 2, 2021, December 28, 2019 and December 29, 2018, respectively, (in millions):

January 2, 2021	Commercial Systems		Industrial Systems		Climate Solutions		Power Transmission Solutions		Total
North America	$	566.9	$	291.4	$	752.7	$	572.4	$	2,183.4
Asia	124.9		150.9		27.7		27.5		331.0
Europe	86.1		44.8		30.3		86.4		247.6
Rest-of-World	42.3		41.7		36.1		24.9		145.0
Total	$	820.2	$	528.8	$	846.8	$	711.2	$	2,907.0

December 28, 2019	Commercial Systems		Industrial Systems		Climate Solutions		Power Transmission Solutions		Total
North America	$	643.0	$	313.5	$	848.6	$	639.9	$	2,445.0
Asia	107.2		167.0		37.7		30.4		342.3
Europe	135.5		49.2		40.5		91.5		316.7
Rest-of-World	19.6		45.7		41.7		27.0		134.0
Total	$	905.3	$	575.4	$	968.5	$	788.8	$	3,238.0

December 29, 2018	Commercial Systems		Industrial Systems		Climate Solutions		Power Transmission Solutions		Total
North America	$	813.6	$	360.0	$	891.9	$	686.4	$	2,751.9
Asia	142.7		194.8		39.5		24.1		401.1
Europe	122.1		55.1		50.5		96.9		324.6
Rest-of-World	32.5		61.2		42.9		31.4		168.0
Total	$	1,110.9	$	671.1	$	1,024.8	$	838.8	$	3,645.6

Research and Development Costs are Expense

The costs are recorded in Operating Expenses in the fiscal year as follows as noted in the table below:

	January 2, 2021		December 28, 2019		December 29, 2018
Research and Development Costs	$	34.7	$	22.5	$	29.3

Percentage Distribution Between Major Classes of Inventory

The major classes of inventory at year end are as follows:

	January 2, 2021	December 28, 2019
Raw Material and Work in Process	48.7%	48.0%
Finished Goods and Purchased Parts	51.3%	52.0%

Property, Plant and Equipment

Property, plant and equipment by major classification was as follows (in millions):

	Useful Life (In Years)	January 2, 2021		December 28, 2019
Land and Improvements		$	76.1	$	80.3
Buildings and Improvements	3-50	290.7		305.2
Machinery and Equipment	3-15	978.2		988.2
Property, Plant and Equipment		1,345.0		1,373.7
Less: Accumulated Depreciation		(789.5)		(768.7)
Net Property, Plant and Equipment		$	555.5	$	605.0

Earnings Per Share Reconciliation

The following table reconciles the basic and diluted shares used in earnings per share calculations for the fiscal years ended (in millions):

	2020	2019	2018
Denominator for Basic Earnings Per Share	40.6	42.0	43.6
Effect of Dilutive Securities	0.2	0.2	0.3
Denominator for Diluted Earnings Per Share	40.8	42.2	43.9

Accumulated Other Comprehensive Loss

The components of the ending balances of AOCI are as follows (in millions):

	2020		2019
Foreign Currency Translation Adjustments	$	(155.7)	$	(214.8)
Hedging Activities, Net of Tax of $7.5 in 2020 and $2.5 in 2019	23.5		8.0
Pension and Post-Retirement Benefits, Net of Tax of $(9.4) in 2020 and $(9.5) in 2019	(31.1)		(31.0)
Total	$	(163.3)	$	(237.8)