XML 33 R16.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
Effective during the first quarter of 2023, the Company realigned its four operating segments taking into account the change to its management structure and operating model following completion of the Altra Transaction. All prior periods have been recast to reflect the current segment presentation. The Company's four operating segments are: Industrial Powertrain Solutions ("IPS"), Power Efficiency Solutions ("PES"), Automation & Motion Control ("AMC") and Industrial Systems.
IPS consists of the majority of the Company's previous Motion Control Solutions ("MCS") segment, excluding the conveying and aerospace business units, plus Altra's Power Transmission Technologies segment. The IPS segment designs, produces and services mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes and gear motors, clutches, brakes, special components products and industrial powertrain components and solutions serving a broad range of markets including food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf & garden and general industrial.
PES consists of the Company's previous Climate Solutions and Commercial Systems segments. The PES segment designs and produces fractional to approximately 5 horsepower AC and DC motors, electronic variable speed controls, fans, and blowers for commercial applications and small motors, electronic variable speed controls and air moving solutions serving markets including residential and light commercial HVAC, water heaters, commercial refrigeration, commercial building ventilation, pool and spa, irrigation, dewatering, agriculture, and general commercial equipment.
AMC consists of the Company's previous MCS aerospace and conveying business units, Altra's Automation & Specialty segment and the Thomson Power Systems business that was previously in the Company's Industrial Systems segment. The AMC segment designs, produces and services conveyor products, conveying automation subsystems, aerospace components, rotary precision motion solutions, high-efficiency miniature motors and motion control products, automation transfer switches, switchgear for industrial applications and automation systems that enable and control the transition of rotary motion to linear motion. These products serve markets including material handling, aerospace and defense, factory automation, data centers, medical device, packaging, printing, semiconductor, robotic, industrial power tool, mobile off-highway, food & beverage processing and other applications.
Industrial Systems consists of the Company's previous Industrial Systems segment excluding the Thomson Power Systems business. The Industrial Systems segment designs and produces integral motors, alternators 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, prime and standby power, and general industrial equipment.
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, recast as described above, for fiscal 2023, fiscal 2022 and fiscal 2021, respectively:
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsEliminationsTotal
Fiscal 2023
External Sales$2,403.5 $1,808.9 $1,516.8 $521.5 $— $6,250.7 
Intersegment Sales14.9 17.7 20.9 2.6 (56.1)— 
  Total Sales2,418.4 1,826.6 1,537.7 524.1 (56.1)6,250.7 
Gross Profit844.1 524.9 582.4 115.9 — 2,067.3 
Operating Expenses689.8 306.0 440.0 101.6 — 1,537.4 
Goodwill Impairment— — — 57.3 — 57.3 
Asset Impairments2.5 1.5 3.4 0.4 — 7.8 
Loss on Assets Held for Sale— — — 87.7 — 87.7 
Total Operating Expenses692.3 307.5 443.4 247.0 — 1,690.2 
Income (Loss) from Operations151.8 217.4 139.0 (131.1)— 377.1 
Depreciation and Amortization273.2 51.3 158.2 10.1 — 492.8 
Capital Expenditures41.3 35.0 34.6 8.2 — 119.1 
Fiscal 2022
External Sales$1,666.3 $2,227.2 $772.3 $552.1 $— $5,217.9 
Intersegment Sales7.3 10.4 15.8 1.9 (35.4)— 
  Total Sales1,673.6 2,237.6 788.1 554.0 (35.4)5,217.9 
Gross Profit653.8 611.1 274.8 130.0 — 1,669.7 
Operating Expenses410.7 284.2 196.6 86.9 — 978.4 
Asset Impairments0.9 — — — — 0.9 
Total Operating Expenses411.6 284.2 196.6 86.9 — 979.3 
Income from Operations242.2 326.9 78.2 43.1 — 690.4 
Depreciation and Amortization169.0 46.9 78.0 13.5 — 307.4 
Capital Expenditures18.8 41.9 11.2 11.9 — 83.8 
Fiscal 2021
External Sales$871.7 $2,062.7 $361.7 $514.2 $— $3,810.3 
Intersegment Sales4.2 10.9 3.7 2.0 (20.8)— 
  Total Sales875.9 2,073.6 365.4 516.2 (20.8)3,810.3 
Gross Profit311.6 586.5 124.8 88.7 — 1,111.6 
Operating Expenses268.5 276.6 88.5 81.1 — 714.7 
Goodwill Impairment— — — 33.0 — 33.0 
Asset Impairments 0.5 2.3 2.8 — — 5.6 
Total Operating Expenses269.0 278.9 91.3 114.1 — 753.3 
Income (Loss) from Operations42.6 307.6 33.5 (25.4)— 358.3 
Depreciation and Amortization89.5 46.4 11.9 22.8 — 170.6 
Capital Expenditures11.1 29.5 4.6 9.3 — 54.5 
The following table presents total identifiable assets attributable to the Company's operating segments as of December 31, 2023 and December 31, 2022:
Industrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion ControlIndustrial SystemsTotal
Identifiable Assets as of December 31, 2023$8,009.4 $2,036.4 $4,909.2 $476.4 $15,431.4 
Identifiable Assets as of December 31, 20225,028.5 2,234.1 2,202.2 804.1 10,268.9 

The following sets forth net sales by country in which the Company operates for fiscal 2023, fiscal 2022 and fiscal 2021, respectively:
Net Sales
202320222021
United States$3,840.4 $3,332.5 $2,364.7 
Rest of the World2,410.3 1,885.4 1,445.6 
Total$6,250.7 $5,217.9 $3,810.3 

US net sales for fiscal 2023, fiscal 2022 and fiscal 2021 represented 61.4%, 63.9% and 62.1% of total net sales, respectively. No individual foreign country represented a material portion of total net sales for any of the years presented.

The following sets forth net property, plant and equipment by country in which the Company operates for fiscal 2023 and fiscal 2022, respectively:
Net Property, Plant and Equipment
20232022
United States$441.1 $307.8 
Mexico203.8 200.4 
Germany113.0 53.2 
China45.8 79.4 
Rest of the World237.5 166.2 
Total$1,041.2 $807.0 

No other individual foreign country represented a material portion of net property, plant and equipment for any of the years presented.