Restructuring Activities (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The following is a reconciliation of provisions and payments for the restructuring projects for fiscal 2023 and fiscal 2022:

	December 31, 2023		December 31, 2022
Beginning Balance	$	15.1	$	5.0
Acquisition(1)	0.2		—
Provision(2)	42.2		46.8
Less: Payments	28.4		36.7
Ending Balance	$	29.1	$	15.1

(1) Excludes $12.4 million of severance related to the Altra Transaction, which was paid in the second quarter 2023.

(2) Excludes $19.3 million of accelerated depreciation incurred in 2023.

Schedule of Restructuring and Related Costs

The following is a reconciliation of expenses by type for the restructuring projects in fiscal years 2023, 2022 and 2021:

	2023						2022						2021
Restructuring Costs:	Cost of Sales		Operating Expenses		Total		Cost of Sales		Operating Expenses		Total		Cost of Sales		Operating Expenses		Total
Severance Expense	$	12.1	$	15.2	$	27.3	$	25.1	$	6.4	$	31.5	$	6.4	$	1.2	$	7.6
Facility Related Costs	25.5		0.3		25.8		13.5		1.1		14.6		4.2		0.3		4.5
Other Expenses	7.8		0.6		8.4		0.3		0.4		0.7		1.6		0.3		1.9
Total Restructuring Costs	$	45.4	$	16.1	$	61.5	$	38.9	$	7.9	$	46.8	$	12.2	$	1.8	$	14.0

The following table shows the allocation of Restructuring Expenses by segment for fiscal years 2023, 2022 and 2021:

	Total		Industrial Powertrain Solutions		Power Efficiency Solutions		Automation & Motion Control		Industrial Systems
Restructuring Expenses - 2023	$	61.5	$	27.0	$	30.4	$	3.2	$	0.9
Restructuring Expenses - 2022	$	46.8	$	11.8	$	19.4	$	14.1	$	1.5
Restructuring Expenses - 2021	$	14.0	$	8.6	$	2.7	$	0.8	$	1.9