RESTRUCTURING ACTIVITIES

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES

The Company incurred restructuring and restructuring-related costs on projects during the three months ended March 31, 2025 and March 31, 2024. The Company has initiated restructuring plans to achieve cost synergies from procurement, distribution efficiencies, footprint rationalization and other general cost savings measures. Restructuring costs include employee termination and plant relocation costs. Restructuring-related costs also include costs directly associated with actions resulting from the Company's simplification initiatives, such as asset write-downs or accelerated depreciation due to shortened useful lives in connection with site closures, discretionary employment benefit costs and other facility rationalization costs. Restructuring costs for employee termination expenses are generally recognized when the severance liability is determined to be probable of being paid and reasonably estimable while plant relocation costs and related costs are generally required to be expensed as incurred.

The following table presents a reconciliation of provisions and payments for the restructuring projects for the three months ended March 31, 2025 and March 31, 2024:

	Three Months Ended
	March 31, 2025		March 31, 2024
Beginning Balance	$	16.3	$	29.1
Provision(1)	8.7		7.8
Less: Payments	9.1		16.1
Ending Balance	$	15.9	$	20.8

(1) Excludes $1.5 million of equipment related write-offs incurred in the first quarter of 2024 and $1.1 million of accelerated depreciation in the first quarter of 2025.

The following table presents a reconciliation of restructuring costs for restructuring projects for the three months ended March 31, 2025 and March 31, 2024:

	Three Months Ended
	March 31, 2025						March 31, 2024
Restructuring Costs:	Cost of Sales		Operating Expenses		Total		Cost of Sales		Operating Expenses		Total
Employee Termination Expenses	$	2.9	$	3.7	$	6.6	$	4.1	$	0.7	$	4.8
Facility Related Costs	1.9		0.4		2.3		2.7		—		2.7
Other Expenses	0.6		0.3		0.9		1.6		0.2		1.8
Total Restructuring Costs	$	5.4	$	4.4	$	9.8	$	8.4	$	0.9	$	9.3

The following table presents restructuring costs by segment for the three months ended March 31, 2025 and March 31, 2024:

Restructuring Costs - Three Months Ended	Total		Automation & Motion Control		Industrial Powertrain Solutions		Power Efficiency Solutions		Industrial Systems
March 31, 2025	$	9.8	$	0.6	$	8.8	$	0.4	$	—
March 31, 2024	$	9.3	$	1.2	$	3.1	$	4.9	$	0.1

The Company's current restructuring activities are expected to continue through 2025. The Company expects to record aggregate future charges of approximately $16.8 million in the remainder of 2025. The Company continues to evaluate operating efficiencies and anticipates incurring additional costs in future periods in connection with these activities.