Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s revenues disaggregated by geographical region for the fiscal years ended December 31, 2023, December 31, 2022 and January 1, 2022, respectively:

December 31, 2023	Industrial Powertrain Solutions		Power Efficiency Solutions		Automation & Motion Control		Industrial Systems		Total
North America	$	1,636.1	$	1,419.2	$	1,006.3	$	274.6	$	4,336.2
Asia	168.9		178.7		76.1		146.6		570.3
Europe	420.5		149.7		342.6		55.8		968.6
Rest-of-World	178.0		61.3		91.8		44.5		375.6
Total	$	2,403.5	$	1,808.9	$	1,516.8	$	521.5	$	6,250.7

December 31, 2022	Industrial Powertrain Solutions		Power Efficiency Solutions		Automation & Motion Control		Industrial Systems		Total
North America	$	1,232.2	$	1,766.9	$	559.0	$	298.5	$	3,856.6
Asia	140.6		188.1		17.0		159.1		504.8
Europe	240.0		182.2		154.2		50.7		627.1
Rest-of-World	53.5		90.0		42.1		43.8		229.4
Total	$	1,666.3	$	2,227.2	$	772.3	$	552.1	$	5,217.9

January 1, 2022	Industrial Powertrain Solutions		Power Efficiency Solutions		Automation & Motion Control		Industrial Systems		Total
North America	$	679.2	$	1,601.9	$	259.5	$	234.5	$	2,775.1
Asia	52.1		216.0		8.2		186.7		463.0
Europe	96.4		146.3		72.4		46.4		361.5
Rest-of-World	44.0		98.5		21.6		46.6		210.7
Total	$	871.7	$	2,062.7	$	361.7	$	514.2	$	3,810.3

Schedule of Research and Development Costs are Expense

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

	December 31, 2023		December 31, 2022		January 1, 2022
Research, Development and Engineering Costs	$	171.0	$	106.6	$	74.5

Schedule of Percentage Distribution Between Major Classes of Inventory

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

	December 31, 2023	December 31, 2022
Raw Material and Work in Process	66.7%	57.0%
Finished Goods and Purchased Parts	33.3%	43.0%

For the fiscal year ended December 31, 2023, the Company reclassified inventory to Assets Held for Sale and the reclassification is reflected in the computation of the major classes of inventory presented above. See Note 4 - Held for Sale, Acquisitions and Divestitures for additional information.

Schedule of Property, Plant and Equipment

Property, plant and equipment by major classification was as follows:

	Useful Life (In Years)	December 31, 2023		December 31, 2022
Land and Improvements		$	139.2	$	103.4
Buildings and Improvements	3-50	414.5		401.7
Machinery and Equipment	3-15	1,219.4		1,111.3
Property, Plant and Equipment		1,773.1		1,616.4
Less: Accumulated Depreciation		(731.9)		(809.4)
Net Property, Plant and Equipment		$	1,041.2	$	807.0

Schedule of Earnings (Loss) Per Share

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

	2023	2022	2021
Denominator for Basic Earnings Per Share	66.3	66.7	47.3
Effect of Dilutive Securities(1)	—	0.4	0.4
Denominator for Diluted Earnings Per Share	66.3	67.1	47.7

(1) 2023 excludes 0.4 million of share based compensation awards as the Company had a net loss during the year.

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of the ending balances of AOCI are as follows:

	2023		2022
Foreign Currency Translation Adjustments	$	(286.2)	$	(356.1)
Hedging Activities, Net of Tax of $8.8 in 2023 and $5.1 in 2022	28.8		17.3
Pension and Post-Retirement Benefits, Net of Tax of $(7.8) in 2023 and $(4.1) in 2022	(25.0)		(13.3)
Total	$	(282.4)	$	(352.1)